After writing the previous post, I continued my read for housing news and came across this in The L.A. Times:
“Phil Orlando, chief equity market strategist at Federated Investors in New York, said investors are pleased by the moves out of the Treasury and Fed but that they will need to see more signs that the economy is improving for the market to hold onto the gains. He said renewed worries about trouble spots like unemployment could shake investors.”
The paragraph was embedded in a story about the Wall Street giving up some ground after the Dow rallied 498 points yesterday.
It’s as if investors went home and slept on what sounded like a good idea – the government’s proposal for sharing risk with investors who decided to buy toxic assets – and reassessed the market’s strength. If these oil scions and other potential billionaire investors need reassurance of the market’s stability, you can be damn sure the rest of us do.
