This morning, Ben Bernanke, gave a speech to the Council on Foreign Relations, a Washington think tank. During his presentation, he said:
"I think there is a good chance the recession will end later this year and 2010 will be a period of growth."
Within one hour of trading the Dow had surged by 262.28 points to 6,809.33 . So what exactly has changed?
5 comments:
Dead cat bounce (again).
The market was oversold in my opinion.
Also, Citi released some memo saying that if you don't count their losses, they are very profitable so far this year.
But yeah, dead cat bounce in my opinion.
He also said that US was in the worst recession since the 1930s. But markets faded that out.
What's changed? I bought some FAS this morning that's what. So less of the defeatist talk please.
I'm planning to sell tomorrow so the depression can then resume.
The media all seem to think it is that Citi leaked a memo to Reuters that said that it hadn't lost money for two months... and on that news, its stock rose 38% - leading other banks and insurers up ~20% worldwide.
It doesn't stack up for me either.
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