Ummm. The bad news is far from being over. Right now, all the major banks and wall street firms are trying to get the world to forget that they’ve lent billions of dollars, at obscene rates, to people who are not going to pay it back. (Despite the bank lobby cramming tougher bankruptcy laws through the congress last year).
The banks have shot themselves, and the american consumer, in the head with their unrestrained greed. Plenty of bad news is still to come. There is the small matter of the 400 Billion dollars in unsellable bonds based on bad loans, which the banks still hold. They haven’t yet tried to write off that bad debt. They keep hoping some idiot will buy it from them. Note that Buffet is ONLY saying he will insure municipal bonds. That is NOT an oversight on his part.
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when the dow retrace back to test 11600 intra day is the best opportunity to pick up some financial stocks. The retailers best opportunity pick would be prior to spring break or Easter season. Or wait until the next FOMC decision around 3/18 this should also be a stock pickers best opportunity to get get good company at inexpensive prices.