The market is throwing itself a party for the simple reason that it can. The other day when we sold off 180 points we sold off on good news today we are rallying on bad news - There is no easy way to explain this move today. Tuesdays drop has been erased. Heres a big surprise Im shorting into this move.
Interesting to me is that AIG is skipping the party today as it sells off to the tune of 4.4%. FNM,FRE, C on the other hand are all rallying. Huh? The AIG computer simulation must be malfunctioning. This is good action for the strangle I sold in there.
Anyways SPUZ are up 12.75 with an hour to go - I figure (assume Ill be wrong people) they will close up about 7 or 8 points.
JB
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