Dow futures up!

[LiveFree79]

Are the days of drastic swings over? I mean 3-4 months ago we'd have down days upwards of 400-600 points. I'd say times have gotten even more dire now. Has everyone taken a step back and deep breath now that Obama is in office? I mean all these lay offs are going to take a toll on everything eventually.

 

[misericordia]

rally till the 29th, then all out.

 

[Wickwire]

rally till the 29th, then all out.

Why the 29th? Is that just a total stab in the dark?

 

[danberkeley]

Why the 29th? Is that just a total stab in the dark?

Because 2 + 9 = 11 Get it? 11!

 

[rockjoa]

Check individual stocks
http://data.cnbc.com/quotes/mmm,aa,...pm,jnj,kft,mcd,mrk,msft,pfe,pg,utx,vz,wmt,dis

The sharp spike upwards is banks response to the Obama stimulus which could pass today, does anyone know if the remaining $350 billion from the first bailout passed I never quite heard? Last I heard was senate passed it, so I'm assuming they let it sunset which released the funds, shouldn't both congress and senate have a say?

 

[Sarge]

I believe it passed even though the house voted no. Sunset.

Dow futures up as they claim all the bad is priced into the market. All might want to read this one close,

http://www.bloomberg.com/apps/news?pid=20601087&sid=ajjkWgG5Hp4U&refer=home

It sure doesn't sound like they think all the bad is out yet.

We hear from the Fed today. If all is great there should be no further rate cut. Watch for the words even if they don't cut .25.

 

[LibertyBrews]

Yeah, everything is rosy. Like Wells Fargo.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aX2Tl7bvq0tw&refer=worldwide

 

[Sarge]

Will it be as rosy next quarter? Likely.

Don't want to start another thread but you might want to check this out,

http://www.guardian.co.uk/business/feedarticle/8327977 Doesn't sound rosy at all.

 

[LibertyBrews]

To continue, poor Boing result.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aELTGTOy2DdQ&refer=worldwide

 

[Sarge]

IMF slashes global growth rate,

http://www.theage.com.au/national/imf-slashes-global-forecasts-20090128-7s0g.html

 

[Emmitt2222]

Yeah, everything is rosy. Like Wells Fargo.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aX2Tl7bvq0tw&refer=worldwide

I found this little gem buried in there:

"Wells Fargo said today that it is comfortable with previous assumptions of losses expected from Wachovia. The company took a $37.2 billion credit writedown on Dec. 31, related to $93.9 billion of “high-risk” loans. " [emphasis added]

Many of the pundits have been saying that these high-risk loans are not a huge issue because most people will still be able to pay off their mortgages. With unemployment probably headed towards double-digits and the continuing decrease in home prices, that ain't happening.

That is a scary huge number from the one bank that seemed the most poised to not get swallowed up in the whole subprime mess. Wachovia will probably be their downfall now.

 

[LibertyBrews]

Boing layoffs 10000. Looks like the stock markets just love layoffs.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8iAOfphtXQU&refer=home