Todays action is indicative of a desperate attempt to try and put yesterday in the past. But this bank of America story is not over. GS profit is down 21%, no reason to rally. Things are not getting better. Holding FAZ through the end of october. should be up around $14 by then.
I agree. The futures were down slightly thirty minutes before the open and suddenly they pull this big rally. Got to be the Fed and Treasury, putting our tax dollars to work. This manipulation will probably not stand, but there definitely is no time-table on when it will fall apart. The media spin is now that this BAC getting sued is just some frivolous be of litigation and for a 'relatively' small amount anyway. Like the parties doing the suit are into doing frivoulous things and suddenly tens of billions of dollars is chump change. Do these talking heads really hear what they are saying or are they as brain dead as they appear?
right. you have me "pegged". Why don;t you take a look at my past posts and realize that I don't pump FAZ. I am a daytrader and play the market both ways. But this market has met resistance at this level, not being able to get past it ina week. So we will head down.