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Wednesday: Would-be Treasury Secretary Timothy Geithner spoke before the Senate Finance Committee, addressing his thorny tax questions and announcing that President Barack Obama will lay out his plan for the financial crisis over coming weeks. Toyota knocked GM from its top global sales spot last year — the first time in 78 years that GM wasn't No. 1. Warren Buffett scooped up more than 4 million more Burlington Northern shares. United Technologies had good news for investors. And, as all eyes turn to Apple's after-the-bell earnings report, experts told CNBC that tech stocks seem to be taking the lead as the news gets grimmer for financials.
Good Tech Numbers Offset Financial Migraine
Cuttone & Co.'s Bernard McSherry acknowledged there's nothing good to report from the bank stocks, but applauded the robust results from IBM as a diversion.
Hugh Johnson of Johnson Illington Advisors said he's willing to be late at the turning point; he has to see some more positive signs before he's willing to get back in. The three sectors that have performed well in the face of the financial fiasco? Basic materials, cyclicals, and tech.
Rx For Economy: Detox, Then Uppers
Brian Gardner of Keefe, Bruyette & Woods said the big question investors are asking is: when are banks going to be able to raise capital? No one wants to invest until that happens. When there's a firm plan to get toxic assets off balance sheets, that's when people will be able to see the light at the end of the tunnel and get back in the game. Stimulus is secondary to cleaning up the balance sheets, Gardner says.
No Runs, No Hits, Lots of Arrows — a 'Selling Crescendo'
The technical pattern looks "pretty vicious," according to DT Trading's Peter Yastrow. He's looking for a "continuation down" and a "selling crescendo." Geithner seems to be the man for the job at Treasury; when his name was originally announced, the market rallied. Yastrow does not foresee trouble in his confirmation, although there will be some soapbox oratory and chest-pounding at Geithner's hearings.
Can We See a 300-Pt. Inaugural Drop? Yes, We Can...
Art Cashin of UBS blamed the market's worst Inauguration Day performance ever on the hope of a new administration being outweighed by despair over the financials. Kevin Ferry of Cronus Futures said bonds did well late in the day, but only because stocks were doing so badly. Everyone is looking for clarity and details, things no one ever finds in an inaugural address.
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CNBC Intelligence/Investment Tools:
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CNBC's Companies in the News:
Apple [AAPL
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General Electric* [GE
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Citigroup [C
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General Motors [GM
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Berkshire Hathaway [BRK.A
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Disclosures:
*General Electric is the parent company of CNBC.
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