A really quick post because it's even later than last night. :-p Lots of news today and all of it appears to be market-friendly. The iPad wasn't as overwhelming as I thought it would be, but it's still pretty darn cool. Geithner and Paulson got grilled by Congress, but again there wasn't really much to report on there. Nothing of note from the Federal Reserve, either. We had one dissenting vote, but that was about the language (Hoenig wanted to remove the bit about keeping rates low 'for an extended period', but was ok with keeping the rate unchanged). The market really liked that, as the bulls were really able to take us higher into the close.
As for Obama's address (and the GOP response), I don't think these will be big market impacts tomorrow, mainly because Obama did a decently good job at remaining fairly centrist and kept the hostile rhetoric to a minimum. He was much less populist than I feared he would be, and I think we'll be ok tomorrow.
UTX reported a good quarter this morning. No real surprises in it, but the stock sold off a little bit. I made no trades in the 401k today.
I did, however, close the sell-leg of my CBI call spread. CBI rallied quite nicely for me and this position is now back pretty close to even. If CBI can continue its upside tomorrow, I think this position will finally be back to being profitable.
Once again, no pick tonight. I'll have some tomorrow or over the weekend.
Position: long CBI, UTX
Disclaimer: This is not a recommendation and is presented for informational purposes only.
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