Big Smiles All Around
By David Feldman at 13 March, 2009, 4:11 pm
It was a good week for those of us who haven’t had too many in quite awhile. The Dow Jones Industrial Average is up over nine percent just this week including four up days in a row! Bernie Madoff is in jail! GM may not need another $2 billion after all! Citigroup had a profitable first two months of the year! Some economic signs suggesting a few areas are beginning to turn! The biggest reverse merger ever announced as Merck will buy Schering-Plough for $41 billion! Sully the hero airline pilot may sign a $2.5 million book deal! And I even almost stayed on my diet! Investor John Rutledge just said on cable news about those who are finally looking to put money to work: ”You can’t clench your buttocks forever.”
Yes, but…the classic “bear market rally” is not uncommon. The Dow is still down almost 18% since January 1. Madoff’s lawyers just made a motion to let him back out of jail, and there’s still no sign that much of the swindled money will be found. GM still might need to file bankruptcy. Citi is still on the brink. Many are still concerned about the strength of Treasury Secretary Tim Geithner’s hand on the economic tiller. The Merck-Schering merger in part depends on Johnson & Johnson not triggering an ambiguous change of control provision in a key agreement Sully, well, sounds like he really will sign that book deal. And there is a pretty safe bet I will not stay on my diet for much longer.
But as I said to a friend…all this good stuff, even tempered, is better than the alternative. Let’s all have a nice enjoyable fun weekend for a change.
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