More bank needs rescue.

The government has agreed to guarantee risky Citigroup debt valued at $306 billion and also pump another $20 billion in cash into the ailing bank, on top of an earlier $25 billion injection that was part of the government's initial round of investments.

Still, many hard questions remain over the Citigroup bailout, including whether or not the nation's former No. 1 bank will need to need even more government money; how many losses will eventually be taken on the $306 billion risky debt being guaranteed by the government; and how much debt of comparably poor quality is held by other banks.

In addition to Citigroup, the first batch of big banks that got capital from the government included JPMorgan Chase & Co., Wells Fargo & Co. (which just bought Wachovia Corp.), Bank of America Corp. (which just bought Merrill Lynch), Morgan Stanley, Goldman Sachs Group Inc., Bank of New York Mellon and State Street.

Citigroup has more than $1.2 trillion in off-balance sheet assets - mostly complicated, structured debt products that it has yet to take actual losses on.

"The definition of 'too big to fail' is changing all the time''

Tracking the Dow On Monday,24/11/08.

9:30am:--A 150.0 points gap-up with an early half gap cover.

The big news this morning is that Citigroup (C) will be receiving government guarantees, liquidity access and capital.

10:30am:-- Dark cloud cover.

Just hitting the wires, October existing home sales fell 3.1% month-over-month on a seasonally adjusted annual basis to 4.98 million, which is close to the consensus estimate of 5.00 million.

11:30am:--Shooting Star.

The major indices trade near session highs, benefiting from relief over the Citigroup (C 6.31, +2.54) bailout out and short-covering.

12:30pm:--Bullish engulfing at MAV.

Oil prices have surged 7.6% to $53.73 per barrel and gold prices are up 4.2% $825.30 per ounce.

Shares of Citi are up 59%, with other financial names such as Morgan Stanley (MS 13.50, +3.45) and Merrill Lynch (MER 10.65, +2.31) also getting a nice boost.

1:30pm:--Bearish doji.

Obama is currently participating in a question and answer session.Obama said the country needs a "big" stimulus package, but did not give a specific number.

2:30pm:--Index spike to session high with another bearish engulfing.

Tomorrow, investors will digest the preliminary third quarter GDP report at 8:30 AM ET and November consumer confidence at 10:00 AM ET

3:30pm:--Bullish spike up near end trading day with bearish hangman.

Commodities rallied 5.4% as oil prices spiked 9.1% to $54.48 per barrel and gold rose 4.0% to $823.70 per ounce. The strength in the stock market and a 2.4% decline in the dollar fueled the buying interest.

4:00pm:--An end day shooting star with breakaway bears closing with hangman.

The follow through session may got hanged again.
Monday's candlestick touches this month MAV and started off within the neckline.It's about to get some new breadth hopefully it does not bow down again.

President-elect Obama unveiled his economic team, confirming that New York Fed President Tim Geithner is the Treasury Secretary nomination.It's the sign of his first move in action.