The most dangerous times for our fragile economy: The next 60 days!

This has been the most vulnerable period of this market crash and financial institution conundrum these past 2 months, but we are about to enter its most critical and dangerous period. That time is bounded by Congress going home on recess and doesn't reconvene until the next Congress reconvenes and the January 20th Inauguration of President Obama. The country has lost total confidence in Bush and Cheney and now Hank Paulson, just as we did with Katrina's "Brownie". This is the time of year we are to give thanks for our blessings and the only thing I can think we collectively are thankful for is that Bush et al will be finally gone!

God help this country in the interim. The Congress needs to make their recess short and get back to work soon after, as it is all about confidence right now and we are facing a collapse of GM and possibly their suppliers. This could precipitate the other 2 U.S. Auto makers having exaggerated problems and more layoffs. The unemployment figures today didn't help pushing the unemployed now to over 4 Million people, not including their families.

Art Cashin of USB Warburg was on CNBC this morning and said we need to hold the intraday low of 7,882 today with a meaningful bounce up off it. That is still over 100 points from the close yesterday. As I have said since September, the low for this market is around 7,200-7,300 on the Dow. There is a 20-year uptrend line that crosses at about the 7,200 level that if broken we all should pray, as we then would be headed down into the abyss. Let's hope this does not happen. Sorry for the gloom but that's where things really are. Cash is King!