and i guess the reporters of valerie plane should give up there source? media is wrong all the time. but you have to take the good and bad. you cant cherry pick what you like off the CNN website, and charge the rest with fraud. if so move to china I got that rumor and got my locate on the short aapl. what is your issue with this trade? you just seem angry that the stock actually moved down. OMG there was a rumor on steve jobs health.....wow thats breaking news
Man you are really reaching now. Do you not see the case for AAPL being overvalued? You are just an anti-short shill as you have shown again and again.
You're a fool. This is on it's way to enforcement. You are one sick bastard. 09:48 AAPL Apple pulls back sharply from highs as CNN Citizen Journalist report circulates regarding Steve Jobs' health (100.71 +0.51) -Update- According to Silicon Alley Insider, CNN Citizen Journalist says Apple's Steve Jobs was rushed to ER after a heart attack. CNN's iReport says "Steve Jobs was rushed to the ER just a few hours ago after suffering a major heart attack. I have an insider who tells me that paramedics were called after Steve claimed to be suffering from severe chest pains and shortness of breath. My source has opted to remain anonymous, but he is quite reliable. I haven't seen anything about this anywhere else yet, and as of right now, I have no further information, so I thought this would be a good place to start. If anyone else has more information, please share it." If you think this is how markets are supposed to operate, you're beyond redemption.
While I believe that it is personally distasteful to trade on someone else's health, I would never impose my own feelings unto others through exerting my will by demanding law. I owned the original Mac. I have owned several macs since then. I can tell you in no uncertain terms that Steve Jobs is to AAPL like no other CEO is to any other company. Acting on that information is absolutely critical if you trade or invest in AAPL. If it bothers you, don't do it. But in this case you are wrong. nitro
Hey hugo, Its called the first amendment. if you don't like it move somewhere else. OK maybe the feds will investigate and ask the reporter where he got his source. *****breaking news***** a reporter will never give up there sources. Make you have a screw loose with your naked shorting conspiracy (including financial terrorists rant). but dont start with a new Freedom of speech rant. your right that his source sucked, but what if it was right? that would of been one hell of a credibility boost to this cnn blog. the reporter blew it, maybe it was some sort of conspiracy theory, to naked short the stock and make billions and take out before apple denys the rumor. or maybe it was just a simple mistake that got picked up by everyone. I never hear you bitch about buyout rumors or rumors that take stocks higher. apparently in your book that's ok.
Nitro, First, the short interest in the original 799 was only 6%. You're an options market maker, so I know you're good at math. How can a 6% interest drive down the stocks? Second, if they were serious about not shorting, then they would not have capitulated on the exemptions for options market makers. As an options market maker, you could have just refused to make markets sans the exemptions (legally, the SEC couldn't touch you because it was the one that breached the contract first). That would have put even less downward pressure on the stocks. Third, if the SEC wants to stop stocks from going down it should have set a lower limit (an explicit price control) or stopped everyone from selling or closed the markets entirely. fourth, any stock going to zero has follow on effects because it usually has implications for all companies in a particular industry and all industries connected to that industry. If We have a system so fragile that it can't handle any failure, then perhaps the problem is the system and not price discovery. This was a political play by the SEC and it resulted in a lot of economic rent for market makers and screwed customers. Stocks will go down because longs no longer want to hold something they think is overvalued. Unless all selling is suspended, stocks will continue to decline if longs think their holdings are now overvalued. Pakistan banned all shorting and its market dropped an additional 25%. It happened here as well. I don't pretend to know your motives, but I did notice that you suddenly changed your tune about the SEC rules when the SEC gave you back your options market maker exemption. I think that you understand that the only effect this has had on the market is to widen spreads and introduce volatility. In other words, this has given options market makers a license to rape customers.
Maybe if they actually investigated cases of buying manipulation, such as end of the month markups, the SEC would be deserving of some respect, instead of contempt.
No kidding. Did you see the $8.00 painting of the tape on Greenlight to end this month. They opened down $6.50 the next day and then Einhorn posted sucky results.
http://seekingalpha.com/article/98443-hedge-funds-eat-their-young I can only wonder, is this why Chanos was so opposed to reporting his short positions? He did not want long funds abusing him the way he abuses them. Certainly reporting short positions would allow long interest hedge funds to attack your companies the way short interest funds read SEC filings to go after the investments of distressed long funds.