another phase of this three year bear starts

it is easy to believe, in this short term thinking world, that the GE ugly news is now in the market: done! i don't think so; i think the aftershocks will last for moons. remember how for days and weeks and months and years GE has been held up as the god of blue chips. just two weeks ago mike holland (or was it farrell) said that GE bonds were "as good as treasuries." today's news is a sea change or, at least, the start of the recognition of one. circle today on your daily charts: this is a market history inflection point. think what it means for other big, bellyflopping, conglomerates. think what "the GE surprise" means for market confidence and belief in forecasts and honesty. i said up until the bear stearns blowout that we were in the beginning of the beginning of the bear. now i am ready to say the beginning is over and the long hard, slumping, middle has begun. it won't be as dramatic in some respects, just that awful sucking sound, kind of like ross perot warned us about with regard to NAFTA.

Edited by humble1, 11 April 2008 - 09:42 AM.