The first day back from Easter Weekend, and the market seemed at best – apathetic. The theme permeating the market of late is that when the market is selling off, use it as an opportunity to buy on the dip. This is very similar to the action that we saw in 2006 and much of 2007. The only difference, we haven’t seen how the market will react to any kind of pullback over multiple days. Until that happens we will continue to be skeptical of this rally.
Goldman Sachs (GS) posted earnings after the market close, and while they handedly beat estimates, they also announced that they would be doing a public offering of $5B to pay back its government debt. It is interesting how after the GM CEO was fired by the Obama Administration, that everyone who took taxpayer money, are extremely anxious to pay it back as fast as they took it.