It's over. The supply, the endless multibillion dollar supply problem, is at last behind us with this Citigroup (C) - Get Report deal. And while I know that all the market cares about right now is the dollar/oil/gold complex, when you have no new supply and a sop up of demand from the companies that are flush, we could return to a world where stocks aren't at the complexes' mercy.
Thursday's Citigroup deal kind of blows me away. Not only did the government stupidly play market, but Citigroup gave us nothing to hang our hat on. Nothing that indicates that anything's good.
Now, I am sure that some lawyer made some misjudgment that no new information could be given out, say, about Citi Holdings. I am sure that there is a fearful general counsel somewhere that made Vikram look helpless and made him prone to being fired. That seems like a logical course after this fiasco.
That said, you got the chance to buy this thing at a ridiculously low price that assumes losses as far as the eye can see.
That's unlikely, although we forget such things on ugly days. Yet, it is important to point out that
is moving on up, even as
Bank of America
couldn't hold the print price.
Ugly day. But not made uglier by the end of the forced supply. Who knows what this market will look like without $20 billion in new stock coming at you every day?
At the time of publication, Cramer was long Bank of America. Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
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