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Good Morning!
Stocks look to sell off early as the global financial services industry remains under severe stress. Today, in Denver, President Obama signs the stimulus package which the stock markets is reacting to with a thud. However, as we go throughout the week we should get further clarification on TARP II as well as steps the administration is likely to take to stem the decline in the housing market. That said, we are at critical support levels for stocks and we therefore watch this closely. Longer term, we think that those that purchase equities at or around these levels will be rewarded and will judiciously join that camp.
Dennis Fagan
Chris Fagan