The Markets have been rattled the last few days as it continues to circle jerk traders on trading floors across this planet. The VIX (volatility index or fear index) once again is approaching its highs and 3 more banks may possibly fail, C being one of them. For you non-traders that is Citigroup. No one saw this amount of bloodshed coming and ultimately C might not fail.
The big 3 automakers (can they be still referred to as big 3?) are looking for a $25 billion bailout, ultimately delaying the inevitable, chapter 11. What’s funny is that the CEOs arrived in private jets to pitch their case in front of congress. Egregious. One of them (the companies) needs to die and the industry will be much stronger. Raul made an excellent point in my comment section for the Detroit is dead piece, take a look at it.
Back home in Vancouver layoffs have started at construction sites as developers are delaying projects or downright canceling them. See those stalled/cancelled projects here, here and here.
On second thought, fuck it, C is too big to fail and to big to bailout. What is one to do? The prince of Saudi Arabi is increasing his stake and word is they have secured $50 billion in private funding. This means I’ll be doing some heavy buying today, around 5000 or shares of C hoping to make a quick buck to pay my maid/servant bills for the month. I’m off to go make money for the day. How much $$$? I guess I’ll just have to wait and C if my gamble pays off.
Update: C is moving on up. I’ll look to flip it shortly and take my winnings.
Update 2: Post was submitted by UD, his computer is down so it was posted by us, the administrators. He has informed us that he has sold C at $5.90 for a nice profit and repurchased near the days lows.
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