The Markets
- The last time Geithner spoke the Dow went down 380 points. Today’s 448 497 (!) point explosion more than made up for any past errors. Markets responded to both the explicit Treasury plan for toxic bank assets as well as better housing numbers.
- Is it too much to think we are really, really out of this Have the lows been seen?
- I’d say yes but the volume disappointed me. (Is there NOTHING that will make that man happy?)
- Clearly, the S&P sailed past all short-term barriers. At almost 823 it made mincemeat of 803 and 805. The new barrier is probably 888. That would be 222 points above the 666 reached three weeks ago.
- But many will claim our markets are way, way overbought and this could weigh on it.
- For now, let us revel in the day.
It is another beautiful day here, 70 degrees, so it is time for a brisk walk before cocktails. Out to dinner tonight with four neighbors………no Applebee’s tonight!!
