WEEKLY FINANCIAL REVIEW: Nervous Markets Await Obama Speech
There are signs of a double bottom on the charts.
Bryce Knorr
Published: Feb 24, 2009
After watching the Dow fall to its lowest level in more than a decade, Wall Street is holding its collective breath — if that can be done with all the moaning and groaning coming from the markets lately. Investors remain nervous, waiting to hear more details on the Treasury's plan to aid ailing banks and the housing industry, as President Obama prepares to address a joint session of Congress Tuesday night.
While Obama's speech is expected to outline his plans for tacking a range of other issues, traders want a shot of confidence before jumping in to buy the market. For now, there are signs of a double bottom on the charts, especially because other stock indexes didn't match the Dow dip, holding fall lows. But there are ongoing questions about whether the government will move to in effect nationalize ailing banks, once of a range of solutions still being debated.
Until a fix for the banks is enacted, anxiety reigns supreme. Today those fears can be measured by the dollar. After falling overnight, the greenback is up today. That may be because the other big safe haven of late, gold, is seeing a wave of profit taking after failing to hold its first retest of the $1,000 level.
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