Barack Obama, Stock Market Strategist

March 24, 2009 RSS Feed Print

Ed Yardeni does the math so I don't have to:

The S&P 500 Financials probably bottomed on March 6. If so, then so did the S&P 500 at the devilish level of 666 on an intraday basis. Since their latest bottoms, the S&P 500 Financials and Banks stock price indexes are up 58.1% and 76.9%, respectively. ... The S&P 500 is 18.2% above the March 3 level, when President and Chief Investment Strategist Barack Obama said that stocks were “a potentially good deal.” The next stop might be a test of the year’s high on January 6 at 934.70, which would make for a 40% rally since 666. ... The March 6 bottom was made on worries that the government would have to nationalize the banks.

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If CitiGroup's stock fell to around a buck from its high of whatever, then rebounds to $1.58 per share - then it's up 58%.

WOOHOO!!! I'm hoping Obama's program works. But until workers get a break and build the confidence to purchase the products and services of corporations, and make deposits into banks, and invest in their retirement via the stock market - a real rebound will be awfully slow.

Tony Lee of CA 3:52PM March 24, 2009

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