Posted by Pin-Yu Liao
All eyes will be on Washington and the banking system this week, right where they've been for months.
The market is likely to take its cue this week from the government and the direction of financial stocks. Reports -- expected to be bearish -- on housing, manufacturing, employment and GDP growth will also be of interest.
Bank stocks and the broader market have been tumbling for the last two weeks, since the U.S. Treasury unveiled a bank bailout plan that was short on specifics. Questions about the ability of the banks to stay afloat amid the 14-month-old and counting recession are what is "overhanging the markets right now, more than anything else," said Timothy Ghriskey, chief investment strategist at Solaris Asset Management.
The market is likely to take its cue this week from the government and the direction of financial stocks. Reports -- expected to be bearish -- on housing, manufacturing, employment and GDP growth will also be of interest.
Bank stocks and the broader market have been tumbling for the last two weeks, since the U.S. Treasury unveiled a bank bailout plan that was short on specifics. Questions about the ability of the banks to stay afloat amid the 14-month-old and counting recession are what is "overhanging the markets right now, more than anything else," said Timothy Ghriskey, chief investment strategist at Solaris Asset Management.
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