Stock traders for the first time are openly asserting that a bottom has been put in. Concerns about global bank failures and meltdowns are receding as global finance ministers are now coordinating their efforts.
That doesn't mean a big rally, in fact most think we can move up only modestly before we will hit resistance.
Some traders aren’t even waiting for that: we are already seeing selling into the rally. Big names that opened notably strong and are now negative include JP Morgan, General Electric (our parent
company), JC Penney , Goodyear Tire , Newmont Mining .
- Money Markets Ease on Unlimited Dollars Pledge
Once we calm down we will be facing a global slowdown that appears more severe than even a month ago.
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CNBC's Names in the News:
Ford
GM
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