Getting past all the name calling, its not that the markets hate Geithner, but rather Obama said on national TV that Geithner was ready to anounce a DETAILED and COMPREHENSIVE plan to save the financial industry. What we got was a murky, incomplete, still making it up as we go, plan. So the market sold off. And again on national TV, Obama pretty much said too bad if you didn't like what you heard. So the markets remain unhappy that more emphasis is being paid to cutting CEO salaries, that fleshing out a plan to ease the credit crunch. So now the stimulus plan has new appreciation as the only spark left to start a rally.
So you are saying Obama wants the market to tank everytime his team delivers new plans? Is that what you are saying? If you were Obama would you want the market to tank because of your plans or would you want the market to accept your plans as great ideas? The only question I have left is are you an idiot?
If anyone here believes the EW crew (I believe them sometimes) then they are currently saying we are looking for the end of a wave 5 down (of a Wave 1 down) which will be followed by a 3 wave, Wave 2 up. So the notion that a bounce is in the offing is not without some technical support. However once Wave 2 is done, we'll be in for a major tank to new lows, so be nimble. Excuse my EW nomenclature. It is not up to snuff but I think I have the 5,3,5 picture correctly portrayed. lj