Friday, March 02, 2007

Our boy Bernanke is scheduled to speak today at 11pm EST. I would look for a slight rally.

Now Poole says there could be a recession. Then in Greenspan like fashion, he hedges his bet and says the central bank does not forecast one. Hmmmm.

Goldman , Merrill and Morgan Stanley 'almost' junk ? Not surprising considering the majority of their profit comes from trading , derivatives and other 'higher' risk activities.

The plan today is to play for a rally but stay alert for more downside. I am leaning towards a green finish on all indices but, there is the possibility of a selloff in the last hour of trading as traders fear holding over the weekend, in these volatile conditions. Than again Bernanke could spark of a major rally.

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