The Day Ahead: Join the Reality Club

The hottest word on Planet Financial is oversold. Every which way I turn, that term is being used with reckless abandon to explain stock prices. For those extra fancy technical folks, out comes an array of dots, lines, and shapes to support their oversold musings. On the other side of the spectrum, the fundamentally driven crowd crows about "cheap P/Es" and gobs of corporate cash just waiting to be deployed. Oh, and expectations are that the fiscal cliff situation will be resolved to a satisfactory degree by the second week in December.

While I totally respect the work of fellow market peeps, I don't think all of this really matters. A low P/E multiple? Well, this market doesn't seem to care about that perception -- stock prices continue to adjust lower for a future that is predicted on the present. As for sexy lines overlaid on a Bloomberg chart, why waste the precious minutes to draw them? The market is sharing a tale of justifiable gloom, which requires new lines to be drawn by the close of trading....586 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.