C to 3

“I readily concede I chucked aside my free-market principles when I was told … the situation we were facing could be worse than the Great Depression,” Bush said. “(But) we’ve taken extraordinary measures to deal with frozen credit markets (that) have helped thaw the credit market.”— George W. Bush today

The market opened a giant can of whoop ass on Citi and the financials, and it’s been long overdue. They are on their way to the November lows, today was my evidence and if one person tells me it was light volume I will find them. The blog had some levels to watch as potential trouble spots and they broke like egg shells. XLF traded about 102 million shares on Friday and 147 million shares today. There leaving the space again and we are going to make a ton.

My new buzz phrase is C goes to 3. We are only about two points away from the all time low on XLF. Can you say SKF $300? My thoughts on the financials have been beaten to death so I will now shut up. But if you missed my thoughts on 2009, here it is.

Alcoa posted its first net loss in six years and commodities and materials got taken to the wood shed. Who’s buying this stuff? Needless to say SMN a 2008 favorite is back on my screens.

I will have some charts a little later, break downs everywhere. I love this stuff.

And remember, people are still looking for recipes not restaurants.

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