The futures are signalling a big up open for U.S. stocks as weekend moves by European governments to shore up banks are being cheered by investors.
My view is that this market is so unhealthy that a V-bottom is very unlikely. I personally want to see proof that the credit markets are working before getting more constructive on equities.
UBS just ran an ad on CNBC reminding investors that they are the #1 player in the global derivatives market. Right now I'm not sure that's such a good thing.
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