Gothamist: Geithner Tapped for Treasury Secretary, Wall Street Rallies

r1b2

Sat, 22 Nov 2008 14:18:21 -0500

The end of day rally had less to do with news about Geithner than it did with shorts covering before the weekend. Nice little dip of profit-taking a few minutes before close Friday, followed by one last uptick of short covers. No one likes to go into a weekend in this market with short positions uncovered. Who knows what could happen over a weekend. Nothing like a good short squeeze to spark some very short-term upswing. Watch Monday AM. In the absence of some substantial good news (and I have no reason to expect any), the shorts will drive this right back down again.

blablanyc

Sat, 22 Nov 2008 13:13:24 -0500

Paulson will always have a job amusing the Chinese with his ideas.

theevilone

Fri, 21 Nov 2008 20:22:44 -0500

I'd hit it if it meant my 401K would go back up.

EricRoberts

Fri, 21 Nov 2008 17:55:48 -0500

The market was looking for any piece of positive news to rally on.

Kevin Walsh

Fri, 21 Nov 2008 17:36:46 -0500

I heard Hal Steinbrenner called Hillary and told her to make up her mind. www.forgotten-ny.com

tingo

Fri, 21 Nov 2008 17:25:56 -0500

The market is a baby.