Citi, Brokers and Bankers

I continue to think that the "tell" in the market is the bankers and the brokers due to subprime fears. Thus you should be watching C, XBD, BKX, and GS all as indicators of where we might be heading. It will be hard to have a meaningful rally if these don't participate. Of note this morning is an upgrade of Citi by A.G. Edwards. Stock is up almost a percent on this news. Wall Street Journal also reporting that Citi might be interested in parts of the Barclays, ABN deal that is as of now still not announced.