Brokers, Banks Soar on Bail Out, Short Sell Limits
Friday’s rally in stocks was one of the most powerful in years, as governments moved to bail out busted banks and stop predatory short selling in injured financial names. Former Fed Chairman, Alan Greenspan calls the intervention a “terrible idea”, while others applaud the bold steps.
On a personal note, I have been involved in the financial markets since 1990, and have never seen such a monster short squeeze rally as witnessed over the last two days.
The DJIA advanced +370.06 to 11389.75, the Nasdaq climbed an astounding +74.80 to 2273.90, and the broad based S&P 500 surged +48.05 to 1254.66.
Citigroup
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OfficeMax
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Palm Inc.
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Goldman Sachs
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Oil moved higher $6.70 to $104.58, gold dropped $18.50 to $878.50 and the fear index VIX only dropped 3.14% to 32.06 as the equity markets fail to shake fear despite the massive rally.
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