We're Not Out of the Woods by a Long Shot

The Grandich Letter (10/13/2008)
"Ideally, to get a real bottom, the market rallies, then comes back to test its lows, followed by a rally to a higher high. I think it’s best to wait for real stability before building a long position. The economy is only first going into a deep recession and it will take time for the stock market to discount that. And despite today’s likely better mood, we are not out of the woods by a long shot in terms of a total meltdown."

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