Happy Friday

Vikram Pandit is out this morning telling us that we, the taxpayers, have made 7.5% on our $45 billion investment in Citi. Can I get a wire instead of a check on that?

Art Cashen, one of the few humans with value on CNBC, is saying next week should be a “lulu”, and I agree. We have the S&P at the “fish or cut bait” level, the greenback is struggling for it’s own short term survival,  commodities are getting extended, and don’t forget interest rates that are trying hard to take away the punch bowl.

There are many moving parts so caution rules, but doesn’t it always? The upside volume has been weak through most of this upswing and that is disturbing. So what does support price during light volume periods? Mainly hope of better things ahead, hope is a lousy strategy in my book. Trades are getting crowded and the hedgies are chasing the same names they always love to chase. Who will blink first?

An authoritative close (volume) above S&P 950 would probably do the trick for the bulls over the short term. Net long but careful here. Good luck today.

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