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Tuesday March 3, 2009
It's hard to believe that yesterday was the washout it was. The Dow finished with a six-handle for the first time in 12 years and the incessant bad news obeyed definition. On Tuesday, there is a strange air of optimism. Not only are U.S. stocks rebounding, but the Australian central bank's refusal to add to seven months of policy reductions has thrown an altogether new question into the mix. Is this the bottom? The World Bank in a speech to Australians pronounced that the worst was behind us. The Aussie dollar grew wings in response to this morning's inaction while the bulls will have to wait until tomorrow to see if the Australian economy was unique among developed nations in that it failed to contract at the end of 2008. Today the Aussie dollar buys 64.30 U.S. cents, up from yesterday's 62.94.
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