OUT OF WOODS YET?

Oil lingers above $54 on economic recovery hopes (not on demand P/u but on HOPES)

HUGE SWISS BANKS SAYS WORLD ECONOMY CONTINUES TO "WORSEN"

UBS 'cautious' after $1.7 billion loss
Swiss bank says outlook for the firm is cloudy as global economy continues to worsen.

ZURICH (Reuters) -- UBS remained wary on its immediate outlook as it braced for the full impact of the recession after confirming it had posted a first quarter loss on yet more writedowns and client withdrawals.
Despite a strong rebound in stock markets in recent weeks, UBS (UBS) said the global economy has continued to deteriorate and its home market Switzerland will not be spared. The Swiss economy is set to contract by up to 3% this year.
"The markets continue to be unsettled, and we remain cautious on the immediate outlook for UBS," the world's largest wealth manager said in a statement.

Services data AM and Thursday will be?

Banks: The financial sector will remain in focus as investors await the release of the results of the U.S. government's so-called stress tests on banks, which are due out Thursday.
At least 10 of the 19 big banks under review -- including Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500) -- may need to boost their capital, according to published reports.
Although, the number of reported banks that may need to boost their capital requirements has been fluctuating in the run up to the release of the results.

I will repeat, we are still in a BEAR MKT, and when the trend reasserts itself, MANY will be caught offguard and taken down with it.

D