Today was an eye opener. Anytime you see the Nasdaq drop 100 points, you know you're talking about a sell off. There was nothing to keep the market up today, and if we hadn't traded lower this week already, I think we'd have been down more today. The jobs data was one of the main things bulls were relying on to keep us out of a recession. A lot of what we're hearing is still just noise, and like I've said, its mostly uncertainty right now, and investors don't like that. There hasn't been overly damaging economic data out yet.
Some of the more respected columnists I've read are saying early 2008 will have very small growth, and the second half of the year will be better as the banks sort out their credit issues. It will take time for the rate cuts to have effect as well.
It's tough to jump in and buy much here, but you've got to start looking. Areas of relative strength continue to be oil, infrastructure, and agriculture.
Have a great weekend!