Welcoming the bottom

An analyst was quoted on the radio this morning saying that the last Monday in October has served as "the bottom" of several the most recent bear markets. One can only hope he is correct.

Getting this election season behind us - regardless of who wins - should also serve as the cathartic release we need to get going again. Between now and next week, however, we can expect the onslaught of cutbacks and concerns aired publicly to continue because so many corporations will seize this opportunity to unload deadwood.

That said, it should be noted the Associated Press is reporting this morning that sales of new homes recorded an unexpected increase in September as median home prices dropped to the lowest level in four years. The Commerce Department reported Monday that sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the August level.

So hang in there is the message of the day. Heck - it's the message of the year. Better times are ahead.