February 22, 2008 Stock Market Recap
Skittish. Confused. Insane. One or maybe all of those words describes the current market environment. For days now we’ve had mini-rallies sparked by some seemingly good news which have been met hours later with selling based on seemingly horrible news. That cycle repeated again on Friday when, at about 3:30, CNBC sparked a furious rally by reporting on another proposed bond insurer bailout plan. That rally saved the indices from breaking down beneath their tight trading ranges. My guess is that if the bailout turns out to be real the market will rally for about an hour before reversing yet again.
tagged: Chesapeake Energy Corporation (CHK)
