Until there is any sense of leadership, and not pandering, in Washington, I do not see how any good news can be deemed relevant.
For fuck sake, Roubini (Dr. Doom) even stated Bernanke ultimately did the right thing in his speech at Davos.
I happen to completely agree with Cramer on this point, WTF is President Obama thinking? (Unless there goal was to game the Treasury market and create demand for T-bills.)
This decline is squarely on the shoulders of Washington, from the President to the Senate. The uncertainty they have created, is causing this.
Many argue the market had a big run, but when factor in this quarter's earnings, valuations are not grossly overvalued as pundits are making them out to be. Its simply not the case.
And 'the smell' continues...