Banking, Banking, Banks

Wells Fargo showed a record profit in the first quarter. Go figure.

Anyhow, more major banks are reporting their first quarter results next week.

So its very simple, the banks do better than expected, its rally time. We know the alternative.

Also reporting will be GE. Now that's going to be interesting. I know a few people who bought GE when it was around $6.

Its unfortunate but Wall Street right now is do or die on each day. It is as fickle as fickle can be and as tuned to emotional content as it can possibly be. In a word it is volatile.

Pretty much each market week has had benchmarks for this recession. Next week will be one of the bigger benchmarks because we will see banks up close. This is at the root of the recession, banks' health. Like it or not, this in turn is at the root of the economy.

Reuters: Bank results to dictate Wall Street rally's fate

Looking ahead, Goldman Sachs is due to report on Tuesday, JPMorgan on Thursday and Citigroup on Friday.

"The banking sector has been in focus for Wall Street for the last six months so next week sharpens that a little bit more..."