Stocks roared to 250 points gain (dow)
Led by banking sector, stocks jumped towards the sky. Bank of America and city group jumping about 25% (they are so beaten up that 25% on city group is just few pennies. Still it is exiting to see green on all major boards.
Oil jumped to $48.00 a barrel, which may kind of put a spoke in the wheel. OPEC may be doing what they think is best for them. But as the world is struggling to get back on line, I wish they wait for few months or until the end of the year to make any significant moves.
Job cuts are still going on and saw one of the noted bears coming and saying we are starting to buy.
Barry Rithotz said he says some selector like Banking and Home builder (the two sectors he mentioned) lost about 80% in their value which is historically the most a sector can shared which makes a good buy. Based on the fact that they don’t have much to loose and more to gain.
Use caution and judgment and start your investment on a slow and study basis.