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Daily Rundown: Citi Sets a Positive Tone

Banks went down 8 months ahead of the major indeces Dow Jones and SnP500.

Meanwhile the effects of spiralling layoffs and severe consumer crunch are still to be factored into the economy at large. Fortunately banks are less affected by these negative growth than the other sectors of the economy such as retail and manufacturing.

Banks have mostly trimmed their excess workforce and overhead expenses ahead while most other companies are still in the trimming process. They are the first ones to get out of the gate in the profit side of the equation. Meanwhile, their balance sheets will still need considerable time to manage back into health. Time heals all wounds as they say. Maybe not all but most of them.