The markets are showing some signs of seller exhaustion.
Futures are stronger as bank stocks are trading up for a second day. Vikram Pandit, Tim Geithner and Sheila Bair are all out talking about the banking crisis.
The main topic of discussion is Citigroup CEO Vikram Pandit's letter to employees about how "disappointed" he is with the current stock price.
When your stock goes from $20 to $1 in five months, I would find a word other than "disappointed" to describe my feelings.
Regardless. The key takeaway is that Pandit says they are profitable through the first two months of 2009 and are having their best quarter-to-date performance since the third quarter of 2007.
This follows on the heels of Wells Fargo comment on Friday that they too were seeing strong operating results for the first two months of 2009.
There has been some good news for Citi recently. The recently announced preferred conversion to common equity has improved capital ratios. The Smith Barney sale which should happen in the middle of the year will also help. Other asset sales should occur this year, like Nikko Cordial, but no deal has been announced.
Citi trading up 20 percent, JP Morgan 10 percent, B of A 14 percent.