The US market had its worst day in 2009 on account of the Treasury’s lack of direction and specifics in their plan to assist ailing financial institutions. The Dow shrugged off 8000 and the S&P lost the key area of 850. The only encouraging signs are some end of day short covering in to the oversold condition that was created and that the S&P 500 is still hugging its uptrend line from the Nov ’08 lows. Other than that the picture looks quite bad. Geithner had been expected to reveal details and even figures, but instead the market received more rhetoric and promises.
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