Today we had a reversal of yesterday in the markets. On Tuesday the financials plunged and today they rebounded as it appeared Mr. Geitner was going to be getting the nomination for Secretary of the Treasury. However, the biggest impetus was the news that Bank of America chief Ken Lewis bought stock yesterday in his own company. That was followed up at the end of the day with news that Jamie Dimon bought $11.5mm of J.P. Morgan stock last week. It certainly seems like a good signal for a bottom in the financials.
If we get some good signs of help in the housing market, the market could get ready to run for awhile. After the market closed, Apple defied gravity by announcing very strong fourth quarter numbers and the stock soared. This should set the tone for tomorrow's stock market opening.
The stock market regained most of yesterday's lost ground but with China's economy only growing 6.8% in the fourth quarter, there isn't much follow through in Asia over night. Our markets will continue to key off of earnings reports and ultimately the foreign markets will take their queue from the United States.
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