Zeev's Turnips Patch-No Politics (ZEEV)

[heehee1]

14:30 ET JP Morgan Chase hit on derivatives, Fed rumors (JPM) 20.48 -4.04: Stock is getting mauled today on a report in the Journal that JPM was involved in numerous Enron-like deals (7:01); however, we are also hearing rumors among traders that if JPM's stock falls or closes below a certain price (we're hearing $20 or $22), the co may be forced to unwind a number of derivative positions; in addition, we're hearing rumors that the Fed may hold an emergency meeting tonight to discuss such banking issues; of course, a degree of skepticism is warranted here (especially with the latter rumor), but chatter such as this is undeniably weighing on JPM and the bank group in general.


FEDS are panicking...Trying to cool down the melting crisis..

GOLD being slammed, dollar ramping, JPM popped like a rocket to go above 21..