At one point the market was in need of paddles again until the announcement was made that Tim Geithner would be taking over the reigns of Treasury Sec. under PE Obama. The market reaction was instant, and we rallied over 500 points from bottom to top. Today was another exceptional day as SKF broke through $300 at one point. It looked like a classic blow off top to me but you never know. I thought the same thing about SMN a couple of weeks ago and it just exploded higher.
I won’t yet call this a bottom but many will come Monday. I did manage to grab a bunch of UYG about 20 cents off the bottom today for a great long side trade along with SSO. Gotta trade what you see. The rally saved many stocks from total embarrassment as GS was about to plunge to new all time lows. Citigroup is still very challenged in here so the jury is still out on that one. These news announcements have profound impact on our market, but time and time again it just rolls over and dies. We were oversold so I am not getting too excited. After all WHO TF is Tim Geithner?
Don’t get amnesia, this happens all the time.