by Calculated Risk on 7/08/2009 04:00:00 PM

First, a stick save for the market today (end of day rally) ...

Click on graph for larger image in new window.

This graph is from Doug Short of dshort.com (financial planner): "Four Bad Bears".

Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.

From CNBC: AmEx CEO: Way Too Early To Call A Recovery

American Express Chief Executive Kenneth Chenault says he has seen signs of stabilization in the economy, but there have not been any signs of improvement yet.

He adds, he is hopeful for a recovery by the second half of 2010, but that is not how he is planning the company's business.

"I think it is way too early to say that we're in an economic recovery," Chenault says, in an interview with CNBC. "I think what is important is that at least what we are seeing is some stabilization. If we think about where things were last fall with the credit markets seizing up, it was a frightening situation. So stability, I think is important, and I think that's been very helpful."