DJIA 10,402.35 +2.55%
from dshort.com
Bear Turns to Bull?
February 19, 2010 updated each market day
The S&P 500 closed the day up 0.22% and the week up 3.1%, which narrows the year-to-date loss to 0.5%. The index is 63.9% above the March 9, 2009 closing low, which is 29.1% below the peak in October 2007.
*Whats important to realize is that the federal government has been making a market in the stock market since March lows of 2009. With stock prices artificially inflated so as to keep the federal government from having to bail out corporate pensions through the PBGC, and rescuing the banks by giving them a bailout AND lending them cash at 0% so they could trade in commodities, one can only wonder what will happen when and IF they ever step out of the way to the stock market. With the fed raising the discount rate a quarter point, they told banks you will have to go to the private sector to get some cash. Good luck is all I have to say. meredith Whitney said yesterday that banks will not have the kinds of profits that the stock market will want to see so there is no where for GS to go but down. And considering its in a downward trend to begin with I would not be second guessing her. I also was listening to the bloviating of Krudlow tonight on how we are growing faster and larger than economists really think. What do you think this fool will say when there are no consumers to buy ANY products from ANY business, be it John Deere, Caterpillar or Target. Just look at Wal-Marts numbers. they have slashed prices and still can't get anyone to come into their store. Why? Because people have run out of unemployment benefits and have no real job prospects for the future. 1932 to 34 looks more and more real to me. -Tradebum
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