- It is not often that we can get the direction right, at least recently. Last night’s close screamed a snap back rally. But, we have seen similar set ups before. Traders are entering the weekend feeling better. Now, lets see if we get follow through. Without a follow through day by next Thursday we will know it was a fake out.
- News that Tim Geithner was going to be Obama’s Treasury Secretary was met with overwhelming appeal/relief by the Street.
- I put some skin in the game with pilot positions in Alcoa, GE, Trinity Industries and Textron. Tight stops, as always. Also added UYM, a Basic Material ETF, an idea from itrade4real.com. Day traded Citi for beer money. Citi closed at $3.77 on NYSE but traded up to $4 in aftermarket on a total of one billion shares.
- Watch for weekend announcement from Citi and some sort of press release from Obama’s office regarding cabinet.
Next week will be just as stressful as this. Rest up over the weekend, exercise, call the kids and get away from CNBC. Of course, there IS Barron’s tomorrow.
Make it a great, great weekend!
