first come the denials, like they were making today on CNBC,, then comes the news leaks.... what about Wachovia? or was that Washington Mutual? not sure which, don't want to paint with that broad swath.....
ohh, about as much as it takes to profit from it.... isn't that the mantra of the hedge operator? can't wait for the news cycle on CNBC, Bitv, Fox Bus Channel to change over to something not so gloomy.... can't wait for the trading environment to stop being keyed off economic news releases (http://bloomberg.com/markets/ecalendar/index.html) as the driver of the day.... so, how would you answer?
They have already lost the world! Now sitting like an unhinged cripple, staring at the circling skies, dumb eathbound misfits..
man this is getting bad, i think there is another shoe to drop for the financials when the Q1 writedowns happen in the next few weeks. looks like i was wrong, the market rallie is fading already...see what happens tomorrow.
C June $12.50 Puts: Although 47,000 were traded today, the open interest is still under 8,000. ...So it's probably meaningless. As for LEH, public perception can be more important than reality. Look at how Refco collapsed. Truly healthy balance sheets can't save you when you become perceived as an unacceptable counterparty. Hence, I'm sitting in a short LEH (via conversion- can't borrow shit)/long MER pair at the moment.
Agree, perception is reality in markets, at least for a short while, and this is extreme with financials where it can becme a self fulfilling prophecy. Interesting there is no stock for borrow on LEH anywhere (?) - BSC was the same 2 days before it rolled over and died.