people have been just selling the banks all morning.Momentum has been neg all morning from the gap open.Traded c for 30 cents but i think the banks will finish the day up only 1-2%...I was gonna buy c again in 20 area but i think it will break down to mid 19s.
this is not selling based on credit concerns. my freaking ass that people are worried after losses after bailout of this size and liquidity returning to the housing market. its profit taking and buy the rumor and sell the fact
This overnight, over the weekend games have been going on all year long. The financials have been sold everytime. Think of the DEBT this country is taking on, Bush has really put us in hock.
Maybe this? Fannie, Freddie Credit-Default Swaps May Be Settled (Update3) Sept. 8 (Bloomberg) -- Investors may be forced to settle contracts protecting more than $1.4 trillion of Fannie Mae and Freddie Mac bonds against default after the U.S. seized control of the companies in a bid to bolster the housing market. Thirteen ``major'' dealers of credit-default swaps agreed ``unanimously'' that the rescue constitutes a credit event triggering payment or delivery of the companies' bonds, the International Swaps and Derivatives Association said in a memo obtained by Bloomberg News today. Market makers for the privately traded contracts will discuss how to settle them in a conference call at 11 a.m. in New York, the document said. < - > http://www.bloomberg.com/apps/news?pid=20601087&sid=aUEvfF9NB6fc&refer=home more....
bot c @ 19.57 sold 19.89 Order ID Buy/Sell Qty Symbol Price O.Type Expire Status Fill Sp Executed Entered 4205638200 Sell 300 C 19.82 Limit Day Filled 300@19.891 11:08:00 2008-09-08 11:07:58 4205583982 Buy 300 C 19.57 Limit Day Filled 300@19.57 11:02:17 2008-09-08 11:02:06 4205083973 Buy 300 HERO 19.13 Limit Day Filled 300@19.13 10:06:17 2008-09-08 10:05:40 4204876021 Sell 300 C 20.39 Limit Day Filled 300@20.481 09:47:43 2008-09-08 09:47:41 4204826743 Buy 300 C 20.30 Limit Day Filled 300@20.19 09:44:49 2008-09-08 09:44:46 4205007945 Buy 300 HERO 19.06 Limit Day Canceled 2008-09-08 09:58:36