Kass has spoken

Wow. Doug Kass says the markets hit a bottom. Last week.

If Kass is wrong, that might be a first during this bear market.

Kass: "You can buy banks. You can buy credit. You can buy most equities as long as you diversify and stay with market leaders that are free cash-flow generators that don't rely on the kindness of strangers in the debt market."

Gary Schillin says the S&P still has to hit 600. All the other stuff -- housing numbers, operating numbers, etc. -- I don't pay attention to, so Schillin is over my head. Schillin says he's buying the dollar.

I missed the first 15 minutes of the session (3:30-3:45 a.m.), which also happened to be when Citigroup's stock swelled to 2.58 (open) and ran quickly to 2.66. By the time I woke up, C was on a downward plunge to 2.30. My opportunity to sell my shares (most of them, anyway) at a nice profit. Instead, I waited and C traded in a range between 2.40 and 2.52 or so the rest of the day (closing at 2.51.

The Obama Effect is still on. His right-hand man in the economic battle, Lawrence Sumers, spoke quite clearly at mid-day about his outlook. The Dow started upward from there, going from break-even to a 178-point gain. C didn't bump on Summer, but seeing the rest of the field storm ahead is good for confidence.

Apple zoomed to 99.66. I thought about adding more shares yesterday at 95, but opted for more Citigroup instead. Waiting for a pullback in AAPL.