I was successful in completing a two day Google (GOOG) roundtrip yesterday. This morning, I bought some State Street (STT) and Citigroup (C). I am hoping to sell today or by this Friday.
From a technical standpoint, the risks of trading have increased, despite the higher chance that a revised bailout bill will pass. Most financial stocks hit all-time lows this week or last week, so the smart money has already been made. On the other hand, I just saw a headline, "Dow 7000 in the Cards?" so perhaps there is still enough fear for a decent-sized bounce when the bailout bill passes.
One note: the "revised" bailout bill doesn't seem much different from the original. Apparently, the key change was raising federal deposit insurance to $250,000. Some reports indicate the revised bill contains AMT relief, but Congress already passed a tax plan last week with AMT relief.
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Update on October 2, 2008: sold my C, still have my STT, but hope to sell soon.
Update on October 3, 2008: sold my STT. Both trades were profitable.
"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
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