David Moenning's Daily State of the Markets: 2/4 Feb 4, 2009 10:24AM

Geithner Gets Aggressive

With the DJIA sitting right smack on top of its all-important line in the sand on the charts, the bulls could not have been happier to see some good news cross the tape for a change. And while there were some upbeat reports on a couple of fronts yesterday, the real cause of the upside surprise in stock prices was a report that Timothy Geithner says the US needs to get aggressive from a fiscal standpoint – and soon.

Although, in our humble opinion, it was the Geithner news that seemed to spur the market on, the fact that Pending Home Sales came in well above expectations got most of the press yesterday. Since the decline in home prices has played a major role in the foreclosure problem, any good news on the topic is welcome. Looking at the numbers, Pending Home sales rose by 6.3% in ...