Start of another week with the three indexes DJI, SP500, and NQ100 looking to news of MSFT and YHOO deal off the table for now. The tech stocks have benefited the most in the last two weeks which is what the overall market needs to have a quality rally. Any head winds now will come from the relative strength of the SP500 as it tries to confirm the base building.
Still supportive solutions coming out of the Fed as it tries to provide liquidity. Criticism about the bale out of Bear Stearns is hitting the speaking tours. It is clear Bernanke and NY Bank Geithner were not going to let the crisis paint them in the history books as anything but accommodative. Bernanke may not have discovered some secret formula for economic recovery while studying the Great Depression at MIT, but history loves men of action and there is a better chance of being seen the man of the moment if you are doing anything rather than doing nothing. One thing boomers have learned is that at all costs, look good. Face lifts, jogging, and bale outs help. Everyone knows the direct results of baling in this case benefits the large eaters, and the rest, well the rest have to figure it out and do the best they can. The business banking/trading culture, as revealed, is a fairly untalented group, they get saved.
