A Fake Bottom?

Yesterday the market action suggested that a bottom might be in the making as it bounced sharply off the 8000 level. However, it lost strength towards the close, suggesting that it was simply a reaction to the oversold market which has been down for six straight sessions. The coming weeks could bring some optimism to the market as the Obama administration comes in. I'm convinced that he will better manage the $350 billion TARP fund than George Bush. He seems to have much more planning to his intentions of spending the money than Henry Paulson did. What we need is transparency, the American people need to know where every dollar of their tax money is being put towards. With that said, the stock market could come off the lows in the coming weeks, but I'm not convinced that it is a short-term bottom mostly because there was no sense of panic when the market was declining. Instead, it was slow decline with low volume. One of the analysts on CNBC this morning predicted the Dow at 12,000 by March. Very unlikely, but I sure hope so.