This is Why Everyone Hates Wall Street!

By: Scott Redler

The following are ALL REASONS FOR SOME ANXIETY on Main Street:

• Citigroup is a DISASTER–they crush shareholders so that their managers can get paid! Didn’t Cramer say 11 bucks by 2010?

• FDX pre-announced last week for this quarter. They then release their earnings with soft guidance after having baited longs in and trapping their shareholders.

• 10 states are coming out to urge Congress to investigate Goldman on their involvement in the mortgage disaster/credit crisis. Meanwhile, they will be paying a billion dollar bonuses to that committed the alleged fraud.

• Gold closed on highs yesterday and gaps back to swing lows today.

What to look for today:

• The market is opening at some important support–1,092-1,095, then 1,085.

• Quad witching is tomorrow so maybe they “want an 1,100 close” so all calls and puts lose!

• For today I will take caution. I’m looking for a bounce in XOM–the stock has been crushed–it’s time for a day and a half long.

• Watch BAC as well–it was upgraded and now has a new CEO.