My favorite market analyst Barry Ritholtz, at The Big Picture, has called for:

“Bottom line:  A bounce, similar to January, only not as strong or long-lasting. And, its not a lasting bottom.”

I couldn’t agree more.  Things are getting worse not better.  GM and Ford can’t sell any SUVs or trucks, and only people buying cars are those that have to.  No one wants to spend any money right now. 

If this bounce does materialize, and it appears likely, I plan on selling what I bought at recent lows for whatever small profit I can get. 

I know I sound like an active trader, but that’s the only way to make any money right now.  I don’t like doing it this way, but you do what you have to do to make money.

An interesting event to watch in the coming weeks will be Apple’s 3G iPhone release on the July 11^th.  Will the fans be as rabid over this one as the last one?  If it’s just average/good demand this will not be a good sign for the economy.