WAMU investors -- watch out for the self-inflicted bear raid!
Something doesn't look right (like Jamie Dimon's ugly mug) or smell right (like Rosenturd).
I just experienced a bear raid in AVNR last Friday, and my heart about came out of my chest as the pps dropped from just over $3 to around $1.30 (but went up to almost $6 in AH). This was an orchestrated bear raid, which happens a lot before pharma approvals. Manipulation at its finest. In the case of WAMU, the hedgies, MMs, large investors, and who knows who, are going to let us create our own bear raid on Tuesday. They don't have to manipulate it.
I have no doubt that information always leaks, and WAMU is no exception. Someone knows what exactly is going to go down, and they are not worried. The price action was stable, and a lot of Ps were bought toward the end of Monday's session. The 30 billion comment weeks ago was a giveaway. Sussman has had to keep a tight lid on everything, and I am sure he would like to tell us what is happening and give us that glimmer of hope we all need. But, now, its steel balls time, and in order to be rewarded, we cannot panic. Panic selling tomorrow will be a self-orchestrated bear raid and someone is going to scoop up a lot of common shares at rock-bottom prices and probably receive $1-$2 for each share in the end.
I believe that another poster is correct -- hedgies and large investors are holding onto the Ps and Ks because they are in the money. If they weren't going to be in the money, I think Prefs would have bled today. Again -- there is always information leaked, and that goes for any level of government or Wall Street. Something just doesn't add up.
There have been times when I felt it was right to get out of a stock, and later I was proven correct. Sometimes we call it a hunch, sometimes intuition. I sold my commons not too long ago to buy Ps because I felt I wanted more security about a payoff in the end. Today, despite the report, I don't feel panicky, but, rather, I feel sort of at peace. There are just too many things pointing to something for Equity. Could be that Dimon and the FDIC want to look like nice guys, so they didn't worry about the Examiner's report because they knew the Examiner wouldn't find much. Instead, they probably planned to throw Equity a bone, like, "Well, the Examiner's report shows nothing really bad, but, hey, we want to show you how nice JPM is to the citizens and how supportive the FDIC is, too." They have probably collaborated to negotiate with Sussman some sort of deal that will be done around election time or in the coming weeks. Maybe they struck a deal a few months ago -- work with us to allow us to look good and not panic the country, and then we can agree to settle.
Something just doesn't feel right. It's rigged, and I think the big boys are waiting for the panic selling on Tuesday. They don't have to plan a thing -- they will just watch everyone dump commons and scoop them up for pennies.
It's a tough time, and the market is manipulated and corrupt, but this time we just might win.
Chessman
