Just Another Down Day

It is amazing anybody is surprised that the markets were down another 3.4% today. The driving concerns were a deepening recession and the stability of the banking system. It seems like old news but until there is an indication that the bottom is in sight, the markets will continue to drift down. We may get some short-term rallies but when staples such as Campbell's Soup have weak earnings, it is hard for investors to get too excited. Everybody is waiting for the Obama administration to pull a rabbit out of the hat but that trick may take a while to be learned. For now, fear will remain high and the markets will be driven by the economy and the shaky financial system.