CITI's roots still intact

CitiGroup sees two months of profit, CitiGroup CEO says they are having the best quarter since 2007. That was enough to raise the markets 5.5%, the Dow up 379.44, the Nas up 89.64 and the S+P up 43.07. Is Warren Buffet right will Obama's "muddled" economy message drag markets down? Although one day is a start, I think the sentiment on the economy hasn't change. Not to spoil a good day, home builder Hovnanian Enterprises seen a 66% drop in revenue but still has enough confidence that their cash supply will hold out till 2011 that they bought back 350$ million in debt. The Employee Free Choice Act, a bill to give voting options for employees voting on getting a union, a union friendly bill, faces some hardship in the senate. The president has said he will pass it if it passes his desk. Its nice to see Federal Reserve Chairman Ben Bernanke tell it how it is. "There has to be more financial oversight and an overhaul of rules for financial systems." Bernie Madoff to plead guilty to 11 counts of securities fraud. He faces 150 years in prison. Maybe this is one of the things that wouldn't have happened if the fed and the sec would work together. The last thing is a 410$ billion dollar spending bill that passed the senate 62 to 35. That's only a budget till September. It would be nice to finish up this week. We will see.