Fear is rampant on Wall Street. The Dow breaks 10,000. At one instance today it was down over 800 points. The VIX (volatility index) reached 58 an extremely high number. There were 1364 new lows on the NYSE vs. 3 new highs. Technically, its as extreme as it gets. Cramer the clown is now telling people to sell after most major averages are down 35% from their highs. Until this new philosophy, his mantra was "There's always a bull market somewhere" And he is right, only now in hindsight, his bull market was in stupidity.
The perma bulls even recognize we are in a bear market. Pollyanna economists now admit the economy is in a recession. The great unwind is upon us and it is in its most violent phase. Those that have kept cash waiting for this "rainy day" are licking their chops. GE yielding over 6%; FCX trading around 37 down from a high of 127; Apple Computer from 182 to 87. Start loading up on the long side, but with quality. The crap will never come back.