We did nothing all day today but chop around (where have I hear that before) and most of it was contributed to some countries having an holiday today. Today was hands down one of the most boring day and it was not a FED day.
Another bank was taking over by the FDIC today making the number of banks since the start of the crisis numbering almost 30 but on top of all of that the stress test would should be out on Monday May 4th is being pushed back. I mean can we say "What the heck is going on" but the word is already out that Citibank and Bank of America will need more monies under the stress test, nevertheless the banks are grind up till be get what and who is on shaky ground.
Here is a picture of the choppiness all day them bam in less than 10 minutes we covered almost 85% of todays range (Manipulation).
The S&P is basically flat for the week minus the last 10 minute manipulation.
Have a great weekend
Friday, May 1, 2009
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