Tim Geithner To Be Appointed Treasury Secretary
Source: http://feeds.feedburner.com/~r/StocksOptionsBlog/~3/461197295/Posted on Friday, November 21st, 2008 | In Stocks to Watch
Friday November 21, 2008
Navivest
NBC News is reporting that President-elect Barack Obama, will announce his economic team on Monday and that New York Federal Reserve President Tim Geithner has been tapped to be the new Treasury Secretary in the new administration.
NBC broke the news at about 3PM. At that time the Dow Jones Industrial Average was down about 26 points, but started rallying as the news got disseminated. The rally held and we ended up closing 494.13 points on the Dow (6.54%), 68.23 points on the Nasdaq (5.18%) and 47.59 points on the S&P 500 (6.32%).
Unfortunately, even with the late 6.5% rally on the Dow, that index is still down 945.02 points for a loss of 11% – in one week!
We have been calling for this rally for the latter half of this week and we are hoping that with the announcement of the Obama economic team, we get another rally on Monday.
On that, we recommended that subscribers of our Options Capitalist trader advisory service go long the market buy buying the December 27 calls on the Proshares Ultra Dow 30. We are looking for 50% gains by Tuesday.
We offer a free two-week trial to The Options Capitalist. To take advantage of this, click here and fill out the short form.
Tags: Tim Geithner Treasury Secretary Stock Market Rally
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 About Daniel Shepard (http://www.navivest.com/blog)
Daniel Shepard is an Equity Analyst with Navivest, a stocks and options trading advisory services company that provides trading ideas on a subscription basis. |
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