Here’s a shocker. The NASDAQ is now in the black on the year, coming back strongly after a horrible January. Check out the comebacks at stocks like Google, up 54% off its lows, and Apple, up over 26%. Bank of America is up over 50% in just a couple of days, and the old-time Wall Street banks have staged huge rallies over the past several days. Goldman Sachs is about double its lows; Morgan Stanley has tripled since its depths.
As we said yesterday, there’s actually a some glints of good news out there. Sure, the majority is bad and we’re not making any predictions. But we can see some positive signs if we squint hard enough.
Also remember. There’s a new bank bailout coming Monday. Nobody wants to be short.