The last trading period for the 1st quarter coupled with announcements of some very important stats. Next week will be hugely significant.
Geithner is expected to give details of the bailout. My bet is that the announcement will come either Monday or Tuesday before Obama's scheduled prime-time speech. This will be the only positive for the week. Whether this is enough to out-weight all the negatives will dictate the overall direction of the market. There will be quite a few negatives to overcome:
Monday: 2:00pm GMT - existing home sales in Feb is expected to have fallen from Jan's 4.49 million units.
Tuesday: Obama's prime time speech.
Wednesday: 12:30pm GMT - durable goods orders - expected to dip 2% after Jan's 5.2% drop.
2:00pm GMT - new home sales - expected to have fallen from Jan's 309K units to 300K units.
Thursday: 12:30pm GMT - Jobless claims expected to deteriorate. 12:30pm GMT - 4th Quarter GDP - expected to have shrunk to 6.6% as compared to earlier reading of 6.2% - worst in 26 years.
Friday: 12:30pm GMT - Personal Incomes - expected to have fallen 0.1% from a slight increase of 0.4% last month.
Expecting some wild swings. Not for the faint-hearted. I'm holding a net long position over the weekend.
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