Friday, June 20, 2008 11:42:54 PM
After such a negative morning I opted to sit out and wait for the afternoon. In my experience, xpry Fri. in a triple digit RED market produces a round of short covering around 3:30 before the bell. But we didn't even get that today! Seems as the short interest is so high in the market they've been covering in the days leading up to xpry.
About all I heard on a "bullish" tip this afternoon was the rumor that JPM may put up an offer for Wachovia and WB bounced from $17.00 to $17.50. Oh and SunTrust reiterated their intent to preserve the dividend and refrain from diluting their stock so they bounced from $34.00 to $38.00 with 15 Million short shares covered in the last hour and a half of trading. SunTrust and Wachovia are Southeast US banks here in my neck of the woods.
Probably should have considered buying some July puts on STI and WB at the close for Monday lol. I just took a nap on this market today for the most part. I figured if RIG couldn't make a decent run on contract news then most of the market was doomed.
About all I heard on a "bullish" tip this afternoon was the rumor that JPM may put up an offer for Wachovia and WB bounced from $17.00 to $17.50. Oh and SunTrust reiterated their intent to preserve the dividend and refrain from diluting their stock so they bounced from $34.00 to $38.00 with 15 Million short shares covered in the last hour and a half of trading. SunTrust and Wachovia are Southeast US banks here in my neck of the woods.
Probably should have considered buying some July puts on STI and WB at the close for Monday lol. I just took a nap on this market today for the most part. I figured if RIG couldn't make a decent run on contract news then most of the market was doomed.
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