Friday, November 2, 2007

Unbelievable day in the market!

So I suppose there was one scenario I should have offered up yesterday, that both crazy up and crazy down would occur, which would cause the market to fluctuate back and forth all day, ending in the green across the board.

Two big pieces of news came out of today:

(1) Citigroup's CEO Chuck Prince is expected to resign Sunday! This should result in a nice bump for the stock, considering so many people have thought most of Citi's problems have been Prince's leadership.

(2) Merril Lynch has been engaging in some shady off-balance sheet deals with hedge funds to put off losses to a different time. This resulted in a 7.9% drop today, and most likely continued losses next week.

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