CNBC might be saying that the selling is over, but...

You know, I rarely watch CNBC. I mean, let's be honest, probably the only thing that group is good for is, perhaps for being the preeminent contrary indicator, if you will, when it comes to calling significant turns in the markets.

But for some reason, I decided to turn on the channel a few times today, for several minutes on each occasion, just to get a feel of what the sentiment was like in the, oh let's call it the "fundamentals" crowd... Almost on every occasion, I heard what can only be described as full on cheerleading for a bounce. Several times in the last hour or two, they repeated a seemingly nonsensical claim that went along the lines of "oh, look, the Dow has bounced 20/30/40 points, off its intraday lows (when the index was down 125 points, on top of yesterday's 225-pt drop) and, since every correction over the past several months has ended fairly quickly, this one must be over - given that the indices have been able to hold the day's lows - now."

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"Loser Homeowners"

Jon Stewart rips Rick Santelli (and the rest of the "analysts" on CNBC) a new one. Check out this video, which is a nice little follow-up to the Rick Santelli video from the other day...

When will CNBC stop carrying the water for the business genius-crooks? Probably not any time soon, so enjoy (not really!) the video in the meantime...