The cell phone industry is making big moves today. Palm’s (NASDAQ:PPL) new phone release is taking its share price down. While speculation over Steve Jobs and the iPhone is creating its own problems for Apple (NASDAQ:AAPL).

Being a writer in the financial industry means that your words often come back to haunt you.

The unemployment picture took on an even more ominous tone this week as new layoffs emphatically underscored a worsening global economy.  Now, fear is rising that the losses represent a major restructuring in the business world and that some, if not most, of the jobs are gone forever.

China is all the rage for the next few weeks as the Olympics are going on. Many are calling this China’s time to showcase itself to the world. I have a lot of friends and analysts who are big China bulls, believing that the next few years will see continued high growth in China, although less than the above 10% of the past few years.

Christian Hill at Investors Daily Edge looks ahead so some important data releases and earnings reports this week. Top of the bill is today’s Fed meeting, where Bernanke & Co are almost certain to keep rates unchanged…

Right now, stocks look uglier than the Wicked Witch of the West having a Bad Hat Day. So what do you do if you’re convinced we’re in a bear market…and stocks may be at today’s levels two to three years from now?

U.S. Service Sector Shows Signs of Life; Morgan Stanley to Slash More Jobs; Random House to Turn the Page on Chief Executive; Countrywide Rated “Underperform”, Shares Dive; Sprint Nextel Corp. Considering Spinning Off Nextel; Warren Buffett’s Warning; Principal Financial Slumps; Wal-Mart Widens Drug Plan Scope