Market Bottom

Yesterday enbattled and beleagured Citigroup came out and said that they were profitable profitable for the first few months of 2009. That is excellent, and here I was thinking they were dead 3 times over on their balance sheet. However, I guess if you get bailed out and get billions and billions of dollars in bailouts you would think that money could turn a profit at some point or another. I am not convinced we have hit a market bottom. We are at least going to test the previous lows. At the same time if this does turn out to be a powerful rally then I will be perfectly fine with changing my bias toward the market and participate in some bullish trades.

On another note we are seeing that pullback in oil I mentioned in previos posts. I will be ready to buy into USO or ERX with about 1/5th of my portfolio soon. Chances are that oil has hit bottom and will trade flat to up until the market turns around. Then prepare yourself for big gains in oil. The pending inflation and the increasing demand in developing countries will send oil screaming to higher levels than 2007 even saw.
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