Friday, February 13, 2009

Long Weekend

It's President's Day on Monday and in NJ, the kids are off school today as well. The futures are up a bit and oil is quiet. The animal spirits of this market may have been exhausted yesterday afternoon mounting that furious rally into the close.

The cause of the rally, of course, was the news of some details of the bailout plan, specifically a government-orchestrated mortgage modification program. Clearly this market is starved for specifics, as the Dow moved up 200 points in less than an hour.

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