Markets remain firmly in the green despite world wide economic worries.
As reported by many news centers there is a healthy amount of short covering and speculative buying into next weeks anticipation of a bank recovery plan from Timothy Geithner and a bipartisan resolution on the stimulus bill.
Leading the rally today is the financial stocks. The S&P is now up approximately 14% from the November lows. Despite the bad jobs report and your pick of other negative news, investors are trying to look towards a brighter future expecting past and future stimulus to revive the economy.
***Timothy Geithner is expected to speak on Monday possibly announcing an over haul to transparency, additional capital for the banks, cleaning up legacy assets (bad bank scenario,) converting preferred shares to common shares, strengthening the banks in order to prepare for another leg down in the economy, and last but not least some type of foreclosure mitigation process.***
NYSE Percentage Gainers
RF, TLB, MI, WNC, SNV, LAD, BAC, & WBS
NYSE Most Active
BAC, C, GE, RIO, JPM, PFE, HIG, TSM, PBR, WFC
NASDAQ Percentage Gainers
FITB, STSA, SWKS, HBAN, ELOY, AAWW, XETA, INPF, BANR, & OMTR
NASDAQ Most Active
QQQQ, MSFT, INTC, CSCO, FITB, NWSA, ORCL, QCOM, DELL, CMCSA
Unusual Volume
APA, OMTR, ULTI, MCRS, TNDM
PPT- Accumulation 3, Hybrid Daily/ Weekly 10%+, Hybrid Score 3, Relative Strength 3:
AMSF, CBZ, EST, FGXI, GHC, GQN, MANT, MNRO, OCN, ORLY, PNW, TOH, TSYS, VRTX
PPT Strong Buys Category
AMSF, BR, ENSG, HOTT, MNRO, OCN, PCW, TNDM, TDG, WW
Headlines
Pelosi says the stimulus bill will advance
Reid Optimistic about the stimulus bill
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