EOD Traders

Bears are not convinced by the recent Market action. I am neither Bull nor Bear @ this point. Time will tell. Doug Kass, founder of Seabreeze Partners, suggests buying the weakness that would possibly result from only a 25 basis-point cut and selling the strength that would possibly result from a 50 basis-point cut. "If there were a limited or opposite response to my two scenarios, I would do nothing,” Kass says. Prudent Bear Fund manager David Tice expects the Dow will fall another 5,000 points and stocks will fall by as much as 60 percent. "Everyone has patted the Federal Reserve on the back for avoiding recession,” Tice told the San Francisco Chronicle. "The problem is, we should have taken mini-recessions along the way.” Even gloomier, Euro Pacific Capital’s Peter Schiff believes that the new financial capitals will be in Asia, the Middle East, and Europe. "New York will certainly still have a role to play, but much like Detroit, it will be but a shadow of its former self,” Schiff says. Resolution to the bottom of the market being reached appears to be unresolved. Today may have just been a YAHOO burst. Next week should give a a clue.