Archived IMT (2009.01.21)

Stocks stabilize as former Fed chief Volcker is set to make the case for the nomination of Tim Geithner to head the US Treasury despite issues with his outstanding tax obligations. Geithners intention to steer TARP reform towards supporting small businesses and families is likely to play the favour of the markets, after a last minute U-turn from Hank Paulson to not allocate the funds to purchasing bad banking debt. Despite stocks' gain, USDJPY still fails to make a clean break above 90 as yen rises in technical trade on short covering. VIX drops from yesterday's 56 highs but still above 50.