S&P 500 came within 54 points of 52 week low......reached a week ago......was that a successful RETEST with a higher low ?
Fed & treasury testimony was met with "political grandstanding grilling"...which soured traders appetite to trade stocks.....thus a close near low of the day.......
Congress has given extension for 8 years for solar tax credit...which should help solar stocks on Wednesday.....all solar stocks UP AH.....
Warren Buffett spend some serious change by investing $5 billion in GS.....Gs UP $13 AH.....this will be taken as great confidence builder for investment climate..as he is known to be an "extreme value investor"....also he is investing ahead of the passage of $700 billion package...which gives a signal that he expects it to pass and will help the intended goals.
All of the above bodes well for market tape on Wednesday.......
BLOG does NOT give buy or sell.
Saleem
4 comments:
GOSH
All this talk about the tax payer foots the bill is awful.
I hope we all can get past this!!!! IF Congress does not pass the bail out--look out for a crash
THere is NO free ride.
I do NOT get it. I guess that I am stupid! Hope not.
Still holding AAPL, DSX, and RIMM at $105
Hi C,
No you are not stupid. You can see the problem and recognize it as a danger.
As always the tax payer foots the bill. The little guy has his savings wiped out and the big players make millions.
Nothing new under the sun.
Things will get better.
IBD says:
Solar and wind issues blew higher after the Senate passed a bill providing more than $17 billion in renewable energy tax incentives. Energy Conversion Devices (ENER) surged 12%, SunPower (SPWR) rallied 6% and First Solar (FSLR) gained 4%.
Hi C & Standards,
US system of "greed is good" has created an enormous problem for US & world economy....
This solution is a "bitter pill" which must be taken & HOPEFULLY learn from it.....NOT business as usual AGAIN....
My 2 cents !!!
Saleem
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