Jeez, was this really all it took to turn the market around, relief that Obama was going to nominate a competent Treasury secretary. Who did they think he was going to nominate, Dennis Kucinich?! We’d be sceptical that this news had anything to do with the rally, except that the timing coincides, so maybe it does. Perhaps Timothy Geithner can wear two hats at once: Treasury Secretary and CEO of Citigroup (rimshot!).
Of course, Citi itself was down 19%. Another big loser: The ProShares Ultra-Short Real Estate ETF, which fell 15%.
The Dow is actually above 8,000 again. No, this isn’t too comforting. This is a sign of a market that needs manic-depressive drugs.
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