With the ban on shorts and the government's proposed bailout, I think Monday could see a mega-rally, up as far as the circuit breakers will let it go. Everyone short will cover at whatever price they can get and everyone with a brokerage account will be scooping up stocks like mad, especially the banks. A number of people I know who virtually never trade say they're going to pile in next week.
Granted that the government bailout is a big red hole for our government finances in the medium to long term, but in the short term this is essentially an instantaneous, $1-trillion increase in the market cap of all affected companies, plus a clean sweep of fears about continuing deterioration of mortgages, etc.
What's the ET consensus?
Granted that the government bailout is a big red hole for our government finances in the medium to long term, but in the short term this is essentially an instantaneous, $1-trillion increase in the market cap of all affected companies, plus a clean sweep of fears about continuing deterioration of mortgages, etc.
What's the ET consensus?