Wall Street is playing seesaw game recently. After yesterday’s more than 200 point loss, Dow gained more than 200 points today. The big headline news this morning is Abu Dhabi Investment Authority (ADIA) investing $7.5 billion for a 4.9% stake in Citigroup, although Citi has to pay an annual interest rate of 11%. This level is higher than the current junk bond yield (around 10.5%) and roughly equal to the dividend yield after taking into account of tax effect. Apparently, Citi’s investors are not convinced that the $7.5 billion capital injection is enough to offset the huge losses from its subprime exposure and the stock is closed up by only 52 cents. The consumer confidence this morning is not encouraging either. The sub-index for future expectation fell to a multi-year low and indicates that consumers may indeed slow down their Christmas shopping plan after housing price decline and uncertainty for their future job perspective. If this turns out to be the case, it will be another financial storm that Wall Street is going to experience. Both gold and oil prices dropped sharply after running up recently and some traders decided to take profits. Tomorrow will bring several important pieces of economic news and this could be a true test to see whether today’s rally can be sustained.