Markets sold off 5-7% on the day of Obama Inauguration which I think that the sell-off is exploiting quick downside profit. IBM earning report was healthy with better outlook.
Apple reports Wednesday, and Google and Microsoft release earnings Thursday
Quote: the Obama Administration starts its first day of work with the scheduled confirmation hearing for Timothy Geithner as Treasury Secretary. Geithner, outgoing New York Fed President, is expected to win the nomination but questions have been raised about tax issues while he was employed at the IMF. The Senate Finance Committee hearing on Geithner begins at 2 p.m.
President Barack Obama also meets with his economic team. In the afternoon, the House of Representatives is expected to complete consideration of the TARP reform act. Last week, the Senate approved the release of the remaining $350 billion from TARP, the Troubled Asset Relief Program, which so far has been used to inject capital into banks.
The Senate government affairs committee, meanwhile, holds a 10 a.m. hearing on the breakdown of financial governance.
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