One of the biggest things you should take from today’s wall street meltdown is that just about everybody has no idea what they are talking about.  How many times have you heard an “expert” on CNBC call a bottom in financials over the last several months?  Not only were the not right, but they were extremely wrong.  The fact is that today is the worst day in the continuing financial crisis in America.  Lehman Brothers, one of the most prestigious financial institutions in our country, has gone under.

We have been saying for a while to stay away from financials.  Not because I understand them better than you, but because I know I DON’T understand them.  How in the world can you place a credible valuation on the balance sheet of these financial institutions?  Well, now you can.  Lehman’s balance sheet is pretty much worthless.

Well, at least I got a pop in my Ultra Short Financial ETF (SKF) today.  I’ll probably hang on to it since this will probably continue to get ugly for some time.  If you’re in your 20s just be thankful that you’re young with years of investing ahead of you.  Consider the 65 year old who is on the verge of retiring and has lost 20% of their nest egg this year.

Selfishly, I’m rooting for the Dow to hit 10,000.  Why?  Because I’ll scoop up some money stocks when it does that will pay off down the road.  Either way, it’ll be interesting to watch.  Today is a historic day.

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Back in March when the market hit a low, many across the internet and the news networks called a bottom in financials. If they didn’t call a bottom, they made some bold prediction such as “We’re through the worst of it” or “We’re in the 8th inning of this financial crisis.” Well, a few months proved how retarded these comments were. Last week, we heard much of the same. I’m not gonna say we haven’t hit the bottom, but I’m not gonna tell you we have either. Why? Because it really doesn’t matter.

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