disconnected from reality

the current market is completely disconnected from reality. all last week, i stared at the market indices and wondered what was going on...

unemployment is STILL on the rise, so how is it good news that unemployment is ONLY at 10% on average across the country, just because the pundits THOUGHT that it would be closer to 11%? or the fact that Goldman Sachs, Citigroup, and JPMorgan reported black in their earnings for 1Q09? not hard to do when you change your fiscal accounting period so that you don't have to include December 2008, one of the WORST months in history (Goldman didn't have to report almost $7 Billion in losses with that stunt). Or writing more Credit Default Swaps (CDS) that are one of the risky assets that people are trying to get rid of (JPMorgan holds close to 50% of all of the worlds CDS's). the accounting gimmicks are running wild.

Further more, housing prices are still dropping, foreclosures are WAY up, and defaults are climbing. these are not good pieces of news. that is why i am RELIEVED that the market has lost everything that it gained last week. it just didn't make sense...