Timbo grabs the “mike” again and I wonder if some clarity will emerge after his-what? sixth attempt? As we get closer to the results of the stress tests, Geithner should be hitting the front pages more and more. I’m sure the same items will be discussed, and the politicos are up early getting ready for more face time. I read yesterday that early results could be dismal and that perhaps another $700 to $800 billion could be required for the big four banks. Not neccessarily a big surprise, but it will be interesting to see the reaction. Maybe it’s baked in at this point, maybe not. I still believe at the end of the day we still could see full blown nationalism for the big four as the Treasury will finally realize that band aids on cancer don’t work. Under that scenario there will be “no bid” so “don’t ask.”
The market is giving back yesterday’s weak rally as the S&P futures are lower by about 12 points. Maybe the lower open will yield a rally later on. Good luck today, see you on twitter.