Citi is "back in black" or "swimming in red"
Citi has miraculously overcome the toxic asset problem and are making money this year already. I guess when you are not marking down your assets or just pretending they don't own them, it is easier to appear solvent. I don't know if people are buying the news or whether they have finally given in to the reality that the government is going to just keep giving the banks money when they need it. I thought today's rally felt like investors were just giving up on getting any real clarity from the administration and decided to get back in the market. ---that might just be my imagination-----The likely reason for the bull run was short covering. Once it was clear there was not going to be a reversal, like yesterday, stocks really started to fly. The shorts went on a covering frenzy. It will be interesting to see what happens tomorrow. It would be nice to see some more green on the screens again. The futures are higher already but hard to say how people will react.