This quarter starts off with a big bang. Dow is up 220, advancers ahead of decliners 4-1 (although not as great as other big days) & NAZ is up 42. Today's another one of those days, to find winners just throw darts. Banks & financials are leading the rally but MLPs, REITs & even junk bond funds are joining this time.
Markets were moved by UBS (UBS), up 3.16, announcing it's seeking $15B in new capital while ignoring the $19B additional losses in mortgages expected in Q1 following $18B losses last year. Lehman (LEH), up 2.49, announced it's raising $4B by selling 3MM of new convertible preferred shares due to "investor interest." Deutsche Bank (DB), up 2.90, announced write-downs of $4B for bad sub prime loans. I don't know! Let's see how long this enthusiasm lasts.
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