people who buy at $2.00 pps will make a little...absolutely! this dead cat has at least two or three bounces left in it!
I just hope when the carving begins, they carve out enough money for the brokerage branch to pay off the DAM NAKED SHORTS and the damages for years of market manipulation! Then, C can burn!
I think today showed that the govt is now content on letting common shares of banks to go to 0.
By forcing enough longs to be margin called and stopped out and mix it in with massive naked short selling, the sector is weak enough to fall a lot further with a SEC that's asleep at the wheel.
I think the Treasury and Fed realized that it's cheaper to take over the banks for 0 (ala Fannie/Freddie) rather than inject them with capital keeping them afloat.
Will I be shorting? No. Will I buy this dip? No, I lost enough money going long.
I think buying bank stocks on the panic, have creamed people lately. I think it is best to stay on the sideline and see if the SEC will intervene to jam the shorts.
I think I am going to try and buy an ounce of gold every 2 mos, rather than buying into this wealth destroying pit called the stock market.
Very little downside left...Picked up more shares today..
US won't nationalize because then the next run on the next bank (read, BAC,WFC,JPM) will start until there is nothing left, then no one will have trust in the market because what is to prevent the gov't from nationalizing CAT or F or Boeing...
Good luck to you. I hope you are right. But just because nationalising C and/or BAC might be stupid doesn't mean the government might not try it. After all, what have they gotten right so far throughout ths crisis?
Seems to me like the opportunity to solve the problem easily was there a year ago when they could have changed the market to market rule to allow banks to take a fairer value for their assets. Or, the feds could have taken the bad assets off the books. Now, I am afraid there is too much dead weight below the floor and the government does not have enough strength to pull the body to safety.