Stock Market in Deep Do-Do, But It's Not Dead

The Dow has lost more than 660 points in the past two days, including a 400 plus drop on Wednesday.

You can cite almost any factor behind the drop and probably be at least partly correct.

It is past time to manage expectations and The Treasury Department's reversal on its major bailout plan is one more kick in the market's shin.

If there are still any investors or politicians who believe this storm will pass soon, let them hear loud and clear: "We're in deep do-do and sinking fast."

Is this another Great Depression?

No, probably not, but it will go down as the worst recession in modern history.

Does that mean investors can forget about finding any profits in the market?

Even on Wednesday, 12 stocks hit new highs.

True, there were hundreds of stocks that also hit new lows and most of the volume was in declining issues.

However, even on a terrible day, 12 companies hit a milestone.

What this means in practical terms is investors will have to work extra hard to identify good opportunities.

But, like my grandfather used to say, "If it was easy, everyone would do it."