Looks like the market is going to go up based on the news the gov't is going to buy or almost half of the $12 trillion of U.S. mortgages. But why? It just seems like a good entry point to short financials again. I mean on Friday IndyMac pretty much went bankrupt and the FDIC took over. I don't think anything good is going to happen next. I'm going to look for entry points to get puts on the rest of the banks loaning in California like WB and WM.
Update: Guess it dropped soon after open. I wasn't able to get any puts because I set my limit too cheap.
I still have my HBC put @ cost 2.90. If I could go back, I would have gotten an US bank instead :-). They drop faster.
Update: Guess it dropped soon after open. I wasn't able to get any puts because I set my limit too cheap.
I still have my HBC put @ cost 2.90. If I could go back, I would have gotten an US bank instead :-). They drop faster.
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