But it's party time, because Abu Dhabi is buying a chunk of Citigroup stock! Whoohoo! Vulture finance at it's finest.
Aside from the normal stupidity and whackiness, this rally just looks to me like a simply snapback after the last few horrid and volatile days on light-ish volume.
I need a freakin' barfbag to keep up with all the spastic rallies followed by horrifying declines. On the net the averages are still below the 20-day EMA, with the Russell 2000 being the worst and the QQQQ's the best.
Current positions: MZZ (ultrashort midcaps), TWM(ultrashort smallcaps), DUG(ultrashort energy), SHY(short duration bond fund), BWX(international bond fund), SKF(ultrashort financials), and SRS (ultrashort REITs)...basically in bear funds and bond funds. I took a shot at ESLR yesterday on the long side, but I got stopped out with a small loss. I intiated the TWM, DUG, and SRS position (really a re-entry) yesterday, because I figured Friday's manic pop on no volume couldn't last.
I hate this volatility though.
One plus for me is I have this formation that I've called a "flat retracement". In short, after the drubbing the SPY received, it's quite natural to expect a rally last week and this week...in fact technically it would be quite natural, plus it would agree with seasonal factors, i.e. the Santa Clause Rally.
So what I'm trying to say is: if everybody expects a snapback rally, yet they don't materialize in the market that in itself is really quite bearish.
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