Positions
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+100 FAZ @ 10.90 vs. cost @ 17.02
+100 GS @ 124.52 vs. cost @ 74.49, Increase stop to 110
+2000 UYG @ 3.50 vs. cost @ 2.00
Markets
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Pre-announced earnings from Wells Fargo that doubled the consensus have put a huge bid into financials and probably plenty of short covering as well. Borrow at zero, lend at stressed levels...seems like a simple plan to profitability. Tomorrow equity and bond markets are closed in observance of the holiday, but key financial earnings reports next week will set the tone. Credit spreads are widening across the board in the face of this strong rally and that should make the bears excited.
The spike at the close of trading was impressive and was led by financials. I placed a stop on GS @ 105 earlier in the week because I wanted to hold GS through the earnings report. Now it looks as if the stock will be able to hold that level (joke). A very, very interesting week lies ahead.
Live from the Masters - I wish
TM
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