Gap Up

I'm a bit behind this morning and I see the that the S&P is up about 13 points. Evidently Bernanke is speaking about the banks and they are rallying. Banks are higher in Europe and it looks like Pandit is reporting that C has been profitable for the past two months. The market is looking for something, anything to ignite a rally, lets see if this one can grow roots. According to Reuters, the SEC is not planning the cancellation of mark to market accounting rules. Today should be interesting.

Congrats to the arbs in the DOW/ROH deal, it's nice to see a deal finally get done.

Geopolitical Uncertainty Trade Kicking In

Oil and gold are rallying from tensions in the mid east, while at the same time oil companies are bidding for storage capacity, not a long term bullish sign for the Texas Tea.

It should be a fairly thin week, I think most of the year end portfolio maneuvering is finished but there may still be some jockeying for position as we approach the New Year.

ROH is getting spanked off the DOW news and the arbs are getting massacred there. DOW will be one to keep an eye on going forward.

This will be a week of extreme preparations for me as I put together some thoughts for the new year and my trading will be very light, unless of course the market can catch some volatility. By the way I did a post last night on TG's blog if you missed it. Have a great day.