WHAT THE HECK

So let me get this right, banks need more money, Gm not paying back TARP funds, GMAC needs more funds BUT we are going higher. I have see this before telling you this they are sucking in the retailers so they will be left holding the bag once again.

Remember 1040/1054 was my level for this rally to go.

CITI needs more

Citibank needs 10 billions more as assess by the stress test

Wells Fargo- needs more

Wells Fargo needs $15 billion more based on the stress test. FOLKS the banks drama is not over

WILD before Open

Well what else is new. This is one CRAZY market, last night we were getting killed on the futures now we are up huge because the ADP report wasn't as bad as expected.

Geez I have no idea what is going on with all this wild movement. Then there is the BAC news that seem to be misleading in exactly what is needed. We wont know the true story til tomorrow.

BAC news - Stress Test

Rumors out that BAC need 34 billion to sure up its balance sheets according to the stress test. Also the rumor is that 10 of the 19 banks failed the stress test, oh boy.


please read.


http://online.wsj.com/article/SB124147831175584985.html

VIX

Caution here on the long side as the VIX has broken support showing major complacency. Just the kind of thing the shorts look for to bite the late longs in the butt.

Tuesday

I posted this morning but realized it didn't get put up, seem like it was sent to my draft folder. Anyways I was thinking we would get an non eventful day and we sure did. Folks the verdict is in the air as were we are going to go from here but seems liek the bulls are in control for the time being.
Again the full stress test verdict will be out on thursday so we MIGHT i am not sure get another contraction day tomorrow, we will see.

MARKETJEDI