Merrill Lynch is going to layoff 10 to 15% of their workforce.  This could be close to 10,000 workers.  If this is a sign of things to come then we will see more people out of work in the coming months.

These numbers exclude brokers, showing that Merrill is serious about growing their business, but at the same time showing a dire need to cut costs amid continuing subprime write-downs.

In other news, Bernanke for the first time recognized the potential for a recession.  While everyone knows we are in a recession right now, academics do it a little different.  From an economist's point of view, recessions are called in retrospect and can only be measured that way.

Don't forget our double bottom news yesterday.  There was a lot of negative news today and the market took it in stride with a modest decline.  This is exactly what we want to see.  When the bulls are definitely driving we will be giving out even more great stock picks:

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