Another Bail out

The street must be crazy. One of my favorite short in the banks as you all know is WM. I think WM is worth $5 at most. Yesterday they got a $7 Billion bail out by some private equity but they have diluted their stock so much that even trading here at $12 it should be $8. My views haven't changed fundamentally on WM. WM is a piece of junk one of the worst run company out there.
Citibank also had news after the close about they sale of some of its portfolio. My thought on this is they need monies to keep up operations. Citibank has gotten a bounce because of the market but I believe Citibank is a $10 stock at best and you can all write that one down.
There are major problems in the banking system and it can't be fixed in 3 months, no shot in hell. In the meantime, the market is going to either really believe we are going to have a short lived recession and break out to yearly highs shortly, or we're going to break back down. This is, truly, make or break time in my opinion. I still think there is a decent shot they bust us higher. I always say that people would rather lose money than risk not making money. Most of us have that instinct, its part of human nature.
We should get a bounce. From there we'll see where they want to take us, but 12,500 should provide nice support. If we bust below that and hold below it then I think we retest 12,000 again shortly. If we can hold 12,500 then it should set up a higher high near term and perhaps get us that HOY move. I hope so, cause that should set up a very nice fall when we break the yearly LOWS.

It's all about keeping your eye on the bigger picture, folks! All about it.

See ya in the am, keep your focus and keep your powder dry. We're gearing up for a BIG move here...one way or the other!