That saying couldn’t be more true (Gartman regularly echos this). Take today for example. Now, I like Barack, but it doesn’t matter what he says at this point. The global economy is contracting and even though the Government is working hard to cushion the landing, its going to be painful nonetheless.

Granted, the US markets have been on a multi-day slide, so some buying was overdue, I can’t help but see more downside even with a really solid speech and plan delivered tonight by Obama.

I normally don’t agree with Cramer, but he had it right today on CNBC. He said, you had nothing to lose by going long on the news, and for today, he’s right.