Tim Geithner Selection
Apparently this was a positive selection for Secretary of the Treasury. In your opinion how does this selection cause such a positive jump in the DOW? Is he really that good?
The market wants leadership. When those in charge are wishy washy or don't appear confident, it creates uncertainty. So at least something/anything was done.
Plus the market was way oversold, it's like a rubber band, it can only go so far before it snaps back a little bit.
I was banging my head against the wall trying to figure out why Geithner was such a great choice on Friday also. Then it hit me,... It's not the fact that Geithner got the nomination, it's the fact that Paulson won't be the one holding the office any longer.
Between Paulson and Bernanke and don't think either one of them could find their own arse with both hands!