Citigroup may write-down over $24 billion now and slash 20,000 jobs.  In addition, cutting of the dividend is something that could happen.  Citigroup is reporting 4Q earnings tomorrow where they will most likely outline some of these plans.  It is also rumored that they are still trying to raise capital which is not good.  With all this negative news for one of the largest (used to be largest) financial companies in the world, the markets are rallying huge (as of 11:00 AM CST).

Stocks are rallying on IBM's better than expected earnings.  Remember, IBM does a huge chunk of their revenue internationally so a weak dollar in 4Q helped them drastically.  However, their business was extremely strong.  The IBM news is helping our stock picks substantially.

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