There was a nice rise on Wall Street despite the US central bank warning that unemployment won’t peak until 2010. This knocked out early gains, but again the bulls prevailed over the bears, which is a good sign.
There was some good news. Mortgage applications were up and REITs are finding access to money to roll over debt. Also the Securities Exchange Commission is planning on curbing short sellers, which can only be a plus at this stage of the stock market cycle.
At this point, guidance from companies that have reported has been, at worst, OK, but the big watch will be the reports of the US banks over the next two weeks.
Today we get unemployment numbers and this should excite a bit of local debate about how bad our recession will be.
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