C's bailout and the market's next week

Everyone is applauding the job the Fed has done bailing out Citigroup. C is up over 50% today. Jim Cramer is especially happy. Stocks in general are up.

After witnessing Lehman and Bear crumble and AIG get a bunch of cash with nothing to show, Citigroup may actually survive. They agreed to take a hit on several dozen billion in exchange for the government taking on 90% of the fall afteward. The government will get partial ownership in Citigroup should it absorb this mess - which it will. Homeowners whose mortgages are owned by Citigroup will likely have more leverage renogiating as this was one of the conditions the Fed imposed, as was executive pay. The dividend is also gone. Oh well. I should have bought some shares last Friday, but how was I supposed to know?

What's next in this market? I think that black Friday will not be very black this year, causing retails to tank. Look for TGT to get a bargain on Monday afternoon.