Festina lente. (Make haste slowly.)
In other words, watch for fakeouts and do not be too quick to hit that buy or sell key. This can go either way.
If Timmy has done his homework the Working Group should be prepped to buy if the market doesn't. Hank would have done so.
Sometimes the right thing to do is absolutely nothing until the market tells you which way it will go.
This is one of those times.
It ought not to matter to the Obama Administration how the equity market reacts in the short term. That is like asking a new batch of crack addicts how they like their first week in rehab.
To elaborate in response to a question, I look at multiple markets for confirmations, not simply one chart like the SP futures. The NASDAQ 100 futures are a ctitical component of this mix for example.
10 February 2009
The Look of the SP Futures Hourly Ahead of Turbo Tim
UBS Reports Record Loss
Although the financial services sector made up a significant 15-17% of GDP, in recent years prior to the global financial crisis it had been driving almost 50% of Swiss GDP growth according to government reports.
As they have been known to say up Zurich way, "A greedy person and a pauper are practically one and the same."
AP
Swiss bank UBS reports 4Q loss of $7.57 billion
Tuesday February 10, 2:24 am ET
Swiss bank UBS AG reports fourth-quarter loss of $7.57 billion, exceeding analysts' fears
ZURICH (AP) -- Swiss bank UBS AG said Tuesday it lost 8.1 billion Swiss francs ($7.57 billion) in the fourth quarter and announced it would cut a further 2,000 jobs as it refocuses on its home market after a troubled year abroad.
The results exceeded the fears of analysts, who on average had predicted net losses of 6.2 billion francs ($5.79 billion).
A year earlier Switzerland's biggest bank had reported a net profit of 1.33 billion francs. The latest results bring its full-year loss to 19.7 billion francs for 2008.
UBS said it plans to refocus on its core activity in Switzerland, its international wealth management franchise, and its global onshore business. To this end it will create two new business units. Wealth management and Swiss bank will be led by Franco Morra and Juerg Zeltner, while wealth management Americas will be led by Marten Hoekstra.
UBS is also shedding 2,000 jobs at its loss-making investment banking unit, which has been blamed for many of the bad investment choices that have seen the bank write down tens of billions of francs (dollars) since mid-2007.
The Zurich-based bank said net new money outflows from its wealth and asset management businesses reached 85.8 billion francs during the fourth quarter...
