As you may have read in an earlier post, I am no fan of that blow hard Lou Dobbs. Larry Kudlow, even though I see now he may not be the most objective student of the market, is more my kind of guy. Jim Cramer is also a good guy. Not always right, nobody is, but smart, involved and thoughtful.
Anyway, Cramer stated last night that, after the Feds most recent 1/2% cut in interest rates, that the economy has turned the corner, including the housing market. It will be at least 6 months before John Q. Public sees it and believes it, but he made a pretty clear statement.
This fits my perspective. The DJIA has been pulled down by the dismal financial companies, but many other parts of the economy, including inflation, corporate earnings, and durable goods are actually quite good. The durable number is, no doubt, helped by the weak dollar, which I hope changes quickly. After all, my piano world is mostly (well, completely) European and that weak dollar is BAD BAD BAD. But, I understand if American manufacturers feel differently. My advice, don’t necessarily believe everything you hear.