Stressful market.

The Federal Reserve is expected to detail its methodology for the tests on Friday and release the test results May 4.
With all the major banks having reported first-quarter earnings -- which came in mostly better than expected -- all eyes are now on the stress tests, which are designed to determine which banks are healthy, which need more capital, and which might fail if the recession worsens.
Investors are worried that the results might reveal more pain in the industry than feared. Details of the tests could easily rattle a market that has become more upbeat over the past several weeks, driven by the hope that the economy was beginning to improve, or at the very least not worsening.
Treasury Secretary Timothy Geithner told a congressional panel earlier this week that the "vast majority" of banks have more capital than they need. But analysts warn that banks deemed to be weak could suffer at the hands of investors.

Tracking the Dow on Thursday,23/04/09

9:30am:--Open with a small bullish spin with bearish engulfing.

The upbeat tone follows much better earnings results from Apple (AAPL) than were expected. Apple earned $1.33 per share during its most recent quarter, but analysts were expecting just $1.09 per share.

10:30am:--Early pullback with bullish shortcover.

Initial jobless claims for the week ending April 18 totaled 640,000, which is spot on with economists' consensus estimate, but up 27,000 from the prior week.

11:30am:--Another session low with dragonfly doji seen.

The annualized number of existing homes sold during March fell 140,000 to 4.57 million from the prior month.

12:30noon:--Bullish candle.

Financial stocks continue to sport healthy gains.Action around bank stocks comes one day ahead of the Treasury's bank stress tests announcement.

1:30pm:--Near Day's opening high with inverted hammer.

Better-than-expected earnings results from several widely held stocks helped the major indices start the session on strong footing.

2:30pm:--Bullish spike up.

June crude oil rose this session to $49.50 per contract, up 1.3% for the session.

3:30pm:--Pullback to session MAV with another bullish spin.

Bank stocks bounded as participants prepare for the Treasury's announcement regarding bank stress test measures. The announcement is scheduled for tomorrow, but actual stress test results won't be released until May 4.

4:00pm:--Breakaway bulls.

Bulls will be on rampage again.
The other half body of Monday's candlestick is waiting to be covered aggressively.The various spinning jenny in the last two session are on standby mode.

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