I will be brief, because most of what has happened in the “markets” over these last two weeks is ununexpected, and if you’ve read this blog at all in its few months of “life”, you know I think it’s long overdue. The technicals look the worst they have since the rally began; the fundamentals continue to underwhelm, but may have caught that bid for the first time in months, for any number of unknowable reasons.

While we can scream along overbought for weeks on end, a lot of watchers are talking about a two- or three-day-old oversold signal as a signal for a bounce. What matters now is to watch whether this beginning of a correction is the real deal or just a temporary blip of fear on the way to further greed and nonsense as we try to close out 2009 as the year we fixed everything without doing a damn thing right.

Without further ado, your recaps:

And a few other links you ought to follow if someone hasn’t led you there already:

Be careful out there.