WELCOME TO THE RECOVERY – AT 8:26 A.M. ET:  Analysts are expecting another bad day on Wall Street:

NEW YORK (CNNMoney) -- U.S. stocks were headed for another day of losses Friday, as worries of a global slowdown and Europe's debt crisis sparked a second sell-off in global markets.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures fell between 1.5% and 2% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

COMMENT:  But look, you never know.  The stock market isn't the real economy.  It's New York's upscale version of Las Vegas.   I'm sure you've seen these "experts" on TV who glance back at a numbers board and say grimly to viewers, "The Dow took a tumble today on news that Hewlett-Packard found a mouse in the basement."  The next day the same guy is back with, "The Dow smiled today on news that Hewlett-Packard sold a printer to a teacher in Des Moines."  And this is taken seriously by "investuhs." 

It's a grand game, but I find it hard to believe that real economic conditions change enough in one day for the market to soar 400 points, then drop 400 points.  The board game, Monopoly, is more rational.  Just pass GO and collect two hundred bucks.  Sounds good to me.

August 19, 2011