Credit Market Stays in Focus

After a welcome weekend respite from the market's turbulence, investors will quickly learn in the coming week whether Friday's Fed-induced rally was just short-term relief or something more sustainable.

Much of that may depend on whether the Fed's move Friday to slice the rate charged at its discount lending window was enough to loosen the noose around normal lending operations around the world. The credit markets remain the lynchpin for any sustained stock market recovery.

"We are certainly not out of the woods yet," says Mike Malone, trading analyst at Cowen & Co. "The markets will remain volatile ... until the large dislocations in the currency and credit and equity markets are worked through. That will take some time." ...