Was the bailout of AIG enough to stop the onslaught happening with the financials? People are still skeptical, and the presence of news cameras outside Morgan Stanley this morning were an early indicator that at least the perception of negativity has not yet eased. Foreign markets had decent trading sessions, but it is Wall Street that people are waiting for.
At this point, the names Morgan Stanley and Goldman Sachs have become the focal point of conversation. Walking by the news van on my way to get coffee was yet another reminder that the situation that has everyone nervous is still the same, and that the Maginot Line drawn by the government by backing AIG may, simply be circumvented in much the same way that the Germans avoided the French defensive position.
Another day in the markets, and another day of seeing if the end is in sight. Only time will tell.
No Position Morgan or Goldman