Again the day started out nicely, moving up on good earnings reports and a great GDP number. And then a stink bomb went off and the rest of the day crumbled. All the indexes were red. The pattern continues, selling off the good news. So last year turns out to be a “buy the rumor” looking for an improving economy, and when we get a confirmation, “sell the news.”
FDIC Friday brought us closure of large LA-based First Regional Bank which pushes the number of banks to fail in 2010 to 14.
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