Wild day. Wild week. Not that much fun at all if you ask me. For the day, the Dow Jones Industrial Average gained 1.4% after gyrating over a 1,022 point range. The S&P 500 scored a 1.5% increase while rocking back and forth over a 106 point range. The Nasdaq Composite picked up 1.4% as well. Small Caps saw smaller increases in prices. The Russell 2000 picked up less than a percent.

There was still carnage today. That bloodletting was in the oil patch. Crude saw declines of 3.1%. The SPDR Energy sector ETF (XLE)  rallied to close down small, the only sector to close in the red. Bond proxies led the way, with financials and tech close behind.

The U.S. 10-Year Treasury Note at last glance was giving up 2.855%. The spread between the 2-year and that 10-year ran to .774. The U.S. dollar index finished the day up small, after seeing the greenback's value rise versus the British pound.

Green Is Good

Of course, and especially in this environment, we are never really out of the woods. Perhaps at 11 pm on Saturday night, you won't see your P/L move. Any other time of the week, and you're really only estimating if you take a stab at what your portfolio is worth.

The reason for Friday's midday rally to the upside seems to be less severe margin calls than previously feared. 

The 2/10 spread is hanging in there at nearly 75 basis points. That's a solid for the banks, and the banks are starting to act like it. We near 80 bp, and I am likely to add to both Bank of America (BAC)  and Action Alerts PLUS holding Citigroup (C)  longs at that time. Not thrilled with the performance in Goldman Sachs (GS)  . Sitting on my hands there. Made a sale in KeyCorp (KEY)  on the pop.

At the time of publication, Kass and/or his funds were long/short C, GS and BAC, although holdings can change at any time.

Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

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