It was not a stunningly positive day but a pretty good comeback from being stretched too far to the downside. The banks are obviously a problem and they are going to keep us contained as long as they have such major unresolved problems.
Even though banks were weak again today as BAC looks for additional TARP funds, traders did see their oversold bounce. Although the S&P500 and DJIA were close to flat, they were well off their intraday lows. Technology stocks led the charge with some help from retailers.
The very pitiful-looking C has earnings in the morning and obviously there isn't anything positive being expected. Unfortunately these bank stocks are not finding a bottom and that is the biggest weight on this market.
INTC earnings are out and appear to be in line. The first reaction is slightly negative as the company is not providing guidance due to economic uncertainty and limited visibility. There is nothing too surprising but it isn't something that is going to entice a lot of buying.
We are still oversold enough to support more of a bounce, but the financials will be the key to whether we can get much going.
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