Turnaround Tuesday?

{+++}I was going for my best David Chase (Sopranos creator) last night as the last ten seconds of the video faded to black, I said my piece, you didn’t miss anything.

Futures are catching a little rebound this morning, oil and natural gas are about flat. Nouriel Roubini is still a wet blanket and this is what he had to say yesterday:

Roubini: “I see even the risk of a double-dip, W-shaped recession‚Ķ towards the end of next year. Oil could be closer to $100 a barrel towards the end of this year, this could be a negative shock to the economy,” he said, adding that other dangers come from long-term interest rates and big budget deficits.

Because of bad macroeconomic data and poor earnings prospects as companies have weak pricing power and demand is still subdued, the surprises will be on the downside, he told told “Squawk Box Europe.”

“That’s why I believe there’s going to be a significant market correction for equities, for commodities and even for credit,” Roubini added.

I appreciate all the e-mails and thoughtful commentary from you lately and I will respond to everyone, sometimes it takes me a bit to catch up so keep it coming. This will be a telling week in my opinion as portfolio window dressing will play a big part.

The White House finally came out yesterday and said that unemployment will hit 10% in a few months. They have been dead wrong on all of their economic predictions thus far and this revelation was no surprise to me. It will tag 12% in my opinion before it’s all over.

I can’t help but remember all the Bernanke denials on recession a year or so back when in fact we were knee deep, his concern was inflation which was non-existent. He refused to say the R word at all costs, when he did, the market tanked further. Either he was honestly incorrect or was trying to “protect” the public. I also remember how concerned they were about “breaking” the bad news to banks that would be forced to raise capital through TARP. That was a saga that lasted weeks.

Note to Ben and Tim, this is America, tell the truth, we can take it.

Good luck today

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