BoA has completed the superfecta of earnings from the money center banks with an earnings beat but with the run the whole group has had and the ‘stress test’ drama ahead of us, it’s sell on the news time. I know many don’t like to work on Sunday’s but watching the Sunday morning political talk shows now has to be part of one’s weekend as the event risk from a comment is highly possible. Summers implied that private capital should be the first resort of fund raising for those banks that are too stressed. Emanuel said he thinks the administration won’t need more TARP money from Congress but he hasn’t seen the results of the stress test yet. The FT today said “US to put conditions on bail out repayment.” The path to and destination of the May 4th release of the stress test may whip this market around from a psychological standpoint but in reality the govt won’t let any go bust. The $ continues higher on ECB confusion over policy.
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