Markets are adjusting well to gloomy news. After a weak start, buyers returned carrying the Dow to plus 54. The 8K floor for Dow has been holding pretty well. Just prior to the Columbus Day rally, the Dow dropped to almost 8K & that floor has basically held. We're into tax loss selling season, that hasn't been responsible for additional declines. The bulls would point to this analysis as a positive sign.
Interesting story about Merrill Lynch. After billions & billions of losses, their bonuses will cut (only) 50%. In the first 9 months of 2008, wages were 3% lower than the prior year.
•Merrill Lynch Is Said to Reduce Year-End Bonuses by 50% as Revenue Slumps
No comments:
Post a Comment