Tuesday, February 24, 2009

Markets bounce back big thanks to Berhnanke testimony and hopes for specifics from Obama

The financial markets 45 minutes before closing are poised to wipe out yesterday's losses and give President Obama a vote of confidence before his State of the Union address tonight.

Fed Chief Berhnanke also turned investor moods upward with testimony before a congressional banking committee, backing the administration somewhat from nationalization of the country's largest banks.

So is the market ready to rally beyond today?

I don't think so.

The lows will be tested again before the week is out.

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