The DJIA closed up 11 percent today. That pretty bouncy for a dead cat. It's the biggest one day percentage gain since 1933. Then again, we did sink pretty low. And once again, it's too late for me to be a day trader. I'm happy with my cash position.
I missed Squawk this morning, but I think maybe some of this has to do with Mitsubishi getting its stuff done with Morgan. I spoke briefly with Mr. Jones last Friday night and he shows some concern for the Automotive industry. So the rumor is that the Fed is likely to bail out GM and Ford too.
There is a difference between this sort of nationalization and socialism, but I'm pretty worn out today and will get into it later.
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