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December 8th, 2008 at 1:20 pm
Now this is good – OIH is now up 5% and XLE is up 4% so 4.5% x 20% = 0.9% is the effect on the indexes, which means we are now happy with 3.4% gains. Unfortunately, most of the indexes are now below the 3.4% line
DRYS/Steve – Can’t turn down that kind of cash!
Still, on the whole, I can’t see going into today’s close uncovered as we’ve had too many terrible Tuesday mornings to really want to chance it. We have an auto stimulus that will be less than $34Bn (probably $8-12Bn soon with a review to follow) but I don’t think that’s enough and whatever conservative pundits are left will put down Obama’s stimulus plan and, of course, someone may notice that our deficit for next year is looking like $2Tn, maybe worse with declining tax reciepts and we get the budget Wednesday so it will be on people’s minds, probably showing about $200Bn in debt for a single month in Nov.