Amazing. The market rallied hard for the second day in a row. Even a speech from a politician couldn’t hold back the market — particularly surprising because in that speech, Barack Obama didn’t explicitly go back on much-feared plans to roll back the Bush tax cuts (as some had hoped).
As we noted, the big winners today were the most battered down sectors of weeks past.
As for Citi (C), it didn’t even get back to where it was on Wednesday. That’s huge, because by the previous weekend the stock price had dropped so low that the company had to hold a town hall and announce big-time layoffs. So what happens if the stock falls again?
We’re really looking forward to watching Fast Money tonight and hearing them talk about how they all bought heavy on the close Thursday.
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