When IBCP comes out after the close Monday and rips the cover off the ball with a 50%+ beat on projected earnings of (.10), (I'm estimating (.05) to break-even), it will be WAY too late for shorts to cover. The MMs working the stock for the two hedge fund traders shorting it have been using every bit of scare injected into the market to trigger stops people have behind the stock protecting their profits (a LOT of shares were purchased between .95 and $1.25) and helping to bash the price to allow they short money to cover under $1.55. Everywhere there is a board for IBCP you will see idiots like the guy here posting year over numbers for mortgage foreclosures and bank fails rather than the quarter over numbers (the only significant ones where recovery is measured) which bottomed in the second quarter and improved moderately in many cases into the third.
IBCP has set a clear business path and corporate pattern down for recovery and recover they will. Starting with this quarter's earnings. The smart money knows that and they are using the last opportunity left to them to bash away at the bank to cover and then, as I suspect today, drop the price 15% into the closing minutes to instill panic into Monday's open and provide a buying opportunity. Come Tuesday morning next week this will all have passed and you will be looking at shares headed toward $2 and higher. It's going to be two years until the bank fully recovers to 2005 levels, but if you can hang tough through this irrational fear mongering and MM manipulation of a thinnly traded issue, you have a sure five and a possible ten bagger here.
I wish you were right, but you're wrong. If they were going to show good earnings, the stock wouldn't be acting like this. People scream manipulation every time they're wrong and I'm guilty of doing that myself. The simple fact is that manipulation only works when you're right anyway. These banks are dropping like flies and just because things are less worse doesn't mean they can survive the mounting losses. It's my opinion that the economy is not improving and that the only attempt at manipulation is telling the public that we are in a recovery. I'm long and I consider it a lapse in judgment. If they lose too much this quarter, I'm taking the hit and selling. By the way, what in the world makes you think they're going to beat when everyone else is still losing?