Lehman Says Bottom Reached

Online Stock Trading - Lehman Calls Bottom of the Market

Lehman Brothers' says we are at the bottom of the market, ahead of today's FED meeting, where they are expected to announce a 100 basis-point cut in the wake of Bear Stearns' collapse. The FTSE 100 has bounced off its lowest level since 2005, in tandem with other world markets.

Ian Scott, Global Strategist for Lehman, has stated : "Events in the past couple of days indicate that global equity markets have moved on from discounting the recessionary impact of lower earnings to considering the implications of a systemic reduction in the availability of credit to otherwise profitable businesses and creditworthy households.

"We think this likely represents the culmination of the current crisis in capital markets." (Ha ha)

To be honest it sounds like a bit of wishful thinking to me, especially for Lehman which itself may be open to aggressive shorting, but for the full article have a look here :

[UPDATE - Well. It seems like Lehman's got that one a bit wrong ! A perfect example of someone in a sticky hole trying to talk up the stock market !]