Commentary on the economy, the markets, and business

Barry Ritholtz is turning bullish

Barry Ritholtz, one of those guys who's been right a lot over the past couple years about the market, is sniffing a market bottom. He's just put up a post listing 10 "charts, signals, indicators" that, as he puts it, "suggest to us that we are increasingly close to a bottom that can be purchased for an upside trade of 20-30% from these levels."

I've never been much of a technical-indicator believer myself, but when it's Barry saying it, I listen--partly because he tempers his technical stuff with a lot of fundamental research and actual, you know, thinking. Also, one indicator of his I definitely believe in, the magazine cover indicator, is flashing "buy."

Update: Barbara points out that a lot of people are calling a bottom--on CNBC, in phone conversations she's having, etc. Which I guess means it can't really be a bottom, right?

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    SUBTERRANEAN DOW JONES BLUES
    (to Subterranean Homesick Blues, Bob Dylan)
    WilliamBanzai7

    Johnny's in the basement
    Trading on the internet
    Out on the pavement
    Thinking about the government
    The banker in the trench coat
    Kicked out, laid off
    Says he's got a bad cough
    And wants his mortgage paid off
    Look out kid
    It's that bad trade you did
    God knows when
    But you're doin' it again
    You better duck down the alley way
    Lookin' for a new scam
    The man in the red cap
    With the the big bailout pen
    100 Billion dollar bills
    You gotta find some new thrills

    Mack's got a big position to foot
    Morgan's full of CDS soot
    Talkin' that Lehman put
    All of us on same bus but
    The markets tanked anyway
    Mack says that many say
    We can go bust anyday
    Orders in from Ebay
    Look out kid
    Don't matter what you did
    Walk on your winged tip toes
    Don't try "No Doz"
    Better stay away from those
    Carry round a financial fire hose
    Hard to keep a clean nose
    Watch the men in plain clothes
    You don't need a weather map
    To know which way your stock goes

    Get sick, get well
    Hang around a red ink well
    Closing bell, hard to tell
    If anything their goin' to sell
    Try hard, get tarred
    Get back, go to jail
    Get enjoined, jump bail
    Join a hedge fund, if you fail
    Look out kid
    You're gonna get hit
    But losers, cheaters
    Crooked subprime CDO dealers
    Hang around with 500 dollar Chelsea strippers
    Sitting in the toxic asset whirlpool
    Lookin' for a new fool
    Don't follow market leaders
    Watch the Federal debt meter

    Ah get burned, keep warm
    Shorts dance, lose your pants
    Get dressed, sell distressed
    Try to be a new success
    Please buy, don't sell
    Its a steal, need a lift
    Twenty years of Wall Street hell
    And they put you on the day shift
    Look out kid
    Try to keep it all hid
    Better jump through a loophole
    Light yourself a roman candle
    Don't get caught wearing greek sandals
    Try to avoid the market scandals
    Don't wanna be a Wall Street bum
    You better chew some new gum
    The Fed pump don't work
    Cause the vandals stole the handles

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