Second-day comments on the numbers from Goldman Sachs were significantly less enthusiastic, with fresh questions about the integrity of the stress tests, new worries about runs on banks that scored low on the stress tests. One pro added a new letter to the recession alphabet; others were more optimistic, but still wary about the financials, and suspicious that the market is overbought and ready for some profit-taking.
Up? Down? Some of both? Looks like a bottom
Bob Brusca of Fact and Opinion Economics said he expects to see first-quarter retail-sales gains, when the revisions are made (the most recent observation, he said, is the most closely watched, but the least reliable), and believes the economy is still on a recovery path. Rob Morgan of Clermont Wealth Strategies said he's underweight the consumer sector because recovery will be a long process. He was encouraged by Intel's observation that the PC market appears to be stabilizing.