The Reformed Broker, AKA Daniel Faraday, here with today’s Market Recap…
You knew we were due. The market was exhausted and needed a break. Now the big question is whether or not that was the end of a massive bear market rally, or just the beginning of something else.
I’m undecided, but I’ll work with what I’m given.
The Dow is down around 120 and the Nazz is off 46 at 5 minutes to the close.
The stress test results are due shortly. That said, is there anything big that hasn’t already been leaked?
Dougie Kass is looking for a raft of equity offerings from bankland after the results of the tests, and if so, the new dilution could, in fact, put a lid on the bank move…or the bulls could say “Look! They can raise money!” and use that as an excuse to buy ’em.
Guess we’ll know soon enough! Until then, enjoy the Tribe doing “Stressed Out“.
Have a good night, and check in tomorrow for my interview with Cody Willard.
Full Disclosure: No positions mentioned.