steve west

Friday's Rally: Just a Short-Squeeze?

last sentence should read bear market.. not beat market..
sorry- the charts in the background of your picture got me all flustered.

Friday's Rally: Just a Short-Squeeze?

Grace,
what is surprising is your continued propaganda about this "bear market"
I love the way you try to downplay anything
first of all the fact that gains were held at all after the rally on Friday would suggest a follow through and NOT a short squeeze.
a Short squeeze would have much higher volume- besides speculating on if this was a squeeze or not is pointless.
now to your point on the 109 members who responded to the survey.
Funny how only 30% said we are headed for a recession. However you, like the AP tend to focus on the negative. I hardly call 30% dowbeat.. are the other 70% just not factored in.
As Dick Green noted last week:
The economic data this past week, apart from housing, were undeniably good. In what is supposedly worsening recessionary conditions:

March retail sales were UP.

March industrial production was UP.

The March leading indicator index was UP.

None of these were particularly strong. Retail sales were up just 0.2%, industrial production 0.3%, and leading indicators 0.1%. But each was DOWN in February.

It is very noteworthy that not only did a further deterioration not occur, the trends actually reversed. These data all fly in the face of concerns of a sharp downturn in the economy.

This raises the prospect that the economy will hang on in reasonably good shape until fiscal and monetary stimulus provides a boost.
specifically on BofA they reported this:
Like many of its peers last week, Bank of America's report was bad. Net income plummeted 77% and the company provided a cautious-sounding outlook. Still, it appears that the market continues to embrace the "better-than-feared" approach as shares of BAC are little changed in premarket trading.

Separately, it is likely to go unreported today -- or least be under-reported -- that Bank of America's total loans and leases increased 21% in the first quarter. We don't know about the media's take on that (well, actually we do), but that's not the sign of a true credit crunch.
my point is that you need to recognize when you are just wrong.
with a fed funds rate at 2.25 and profits meeting or beating and guidance notably better then expected your call for a beat market just is not happening.