Citi Is Shovel-Ready

I hate to burst any bubbles, but there is no way that Citigroup is profitable.

If they were, they would not be selling Smith Barney to Morgan Stanley, they would not need a "stress test" and the stock would not be trading for a buck fifty a share.

Pandit is lying and the markets know it.

The longer these guys are allowed to make a mockery of ethics and financial disclosure laws, the futher down the markets will crash.

I am not bitter. I owned FAS (300% Financials) coming into today. I think it was up 38% today. Another good day or two and I am out and looking to go short.

Keep in mind that each time the financials and their preferred shares pop, the big insurance companies and pension plans are able to sell more shares to shore up their balance sheets at the expense of an unsuspecting public.

I almost bought a couple thousand shares of Citi today, so that when it tanks again, I can sure Pandit for securities fraud and material harm. I may get a few friends together to do it with me, so that we can file a class action lawsuit against Pandit. I'm thinking that he is personally liable for his actions, under Sarbanes-Oxley.

Remember, The NASDAQ doesn't rally 7% in a Bull Market. Also keep in mind that there is zero leadership and there are very few companies capable of leading the markets higher from here. In 2003, there were entire asset classes that did not break down as the NASDAQ crashed. These were the leaders of the 2003-2007 Bull Market. I see nothing capable of leading this market higher. It will take time, and lots of it, to heal the damage of this Bear and set up the next Bull Market.

Sorry. I have to call them like I see them and not how I want them to be.