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Well, the past trading days have been very good for Wall Street, but as I said on some of my recent posts, in my opinion recession is a fact. This euphoria is just temporary and these facts should make bullish investors reconsider their beliefs:

• Consumer confidence is in its lowest levels since 1973. Yes, 35 years!! Less confidence than September 11, that´s incredible. The consumer index is currently at 64,5 according to today´s report. We have to go back to the Watergate scandal to get a lower reading
• Home prices fell in January to new records, dropping 10% in just one month. This is another indicator that shows as the reality of US.
• Jobless claims reached this month to the highest in more almost three years, mainly in the financial sector, automakers and construction. Economy lost more than 63,000 jobs in February according to the Labor Deparment, reaching the highest in five years
• Today, 27 March, the announcement of the GDP (gross domestic product) was that it is growing at a 0,6% annual rate. “The economy just kept its head above the water”, said Nigel Gault, chief US economist at Global Insight.

All of the above shows the real conditions of the economy, that investors are tryinf not to see. But in April, Wachovia, Citigroup, Bank of America and most of the big financials will report their results, and reality will be tough; we are living a crisis, and the stock market will fell it. Investors are trying not to see these facts, but sooner or later this small rebound will disappear and the worst will appear. As Alan Greenspan said, this is clearly the worst economic problem in the last 50 years.