Nov 21 Post

If you haven’t had a chance to see the rip your face off 494 rally, I would suggest looking at today’s chart. Today worked out perfect for me. I had a chance to sell the last 25% of my SDS short at a higher level and roll that money into SSO at a lower level before the rally. The market was primed to go up all day but it took news about Obama placing Geithner as Treasury Secretary. The market has been wondering who is going to replace Paulson for a long time. I think the market likes Geithner ok but the main thing for the market is clarity. The next important position is replacing the moron Cox at the SEC. I hope that is announced next week.

The scary thing going into the weekend is Citigroup. Their stock is at $3.87 down 60% in a week and it looks like something is going to happen over the weekend. It is most likely going to merge with another bank. Maybe JPMorgan or Goldman Sachs but it’s hard to say. It does look like the government is going to step in and do something.

We had a really good week and I’m going to enjoy it. Have a good weekend