Update from 10:46 a.m. EDT
Looking at the recent rebound in banking stocks, it seems investors are feeling optimistic that the financial crisis is over.
OK, that's a bit of a stretch, but it's nice to see some optimism for a change -- even if it is a little premature.
is the new darling, closing today with a gain of $2.50 at $22.90.
Bank of America
closed almost $1 higher at $5.91.
ended the day at $13.82, up $1.94.
Even the much-bemoaned
added 11 cents to close at $1.65.
It's a trader's game, though. At some point, the profit taking will begin and the banking rally may disappear as quickly as it came.
The crisis isn't over. Nothing of this magnitude, built over many years of complex, miscalculated gambles, is going to burst and rebuild in months.
Yet, suddenly in the last five days the banking sector is leading the
No matter how desperately I want to believe that we've turned a corner, I just can't bring myself to trust the market -- or the banks for that matter.
There are good banks out there still, and some of them deserve the gains they are seeing in the market.
But let's not kid ourselves. It's too soon to celebrate.
Hall is the editor of
. Previously, he served as deputy editor and chief innovation officer at
The Orange County Register
and as a news manager at
in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at
in Fort Wayne, Ind. His work also has been published in a variety of newspapers including
The Wall Street Journal
The New York Times
International Herald Tribune
. Hall received a bachelor�s degree in journalism and political science from The Ohio State University and has taken graduate management science courses at Boston University.