IBM ( IBM) actually hurts things, not helps them.We need to get this market to some level where there is no hope, and then hope rears its beautiful head and the event is postponed again. This is one of the worst markets I have ever seen. It is relentless. There is so much failure in the air, so much stink, like the stink from a sweaty Under Armour ( UA) or the biggest miss I have seen from a company in years. MBIA's ( MBI) paper, the oversubscribed paper from last week, the 14% coupon, is already down to 75. Merrill Lynch ( MER) tells us nothing about its portfolio, and we are supposed to be happy with it. Citigroup ( C) is still not at book. Washington Mutual ( WM) is still being run by Killinger after that quarter. The layoffs haven't begun. Everyone is still in business. And Bernanke gives us the everything's fine statement and other fed guys are talking about a good economy. You could not design a worse set up if you wanted to. I heard so many people talking about the bounce. I come back and say, We don't want a bounce We want an end to the selling. But it remains endless. The sellers never finish. And when you have an Ambac ( ABK) or a PMI ( PMI) or a Radian ( RDN) or a UA, who can blame them?