Pessimists Peek Out From Their Foxholes
SAN FRANCISCO -- In this era where a stock like Citigroup (C) is swapped among traders with the same forethought given to any random Bulletin Board issue, momentum can be a strange thing.
Stocks, those of the nonfinancial variety, took quite a ride on Monday, ending a four-day rally that, with each successive close higher, had given hope to the notion that market lows touched on March 6 would stand throughout 2009.
As investors have died by the financial-stock sword, so too have they been living by it, before Monday: The Financial Select Sector SPDR (XLF) exchange-traded fund, which you may remember from its drop of about 70% from last September to just more than a week ago, closed 16 cents lower to close at $8.03.
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