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  • Re: TG Fantasy Stock Market League

    Wachovia was up 2.7% on the day.

    I find that items such as operational shutdowns, stock dilution, capital raising, while expected to decrease the value of a stock, often have the opposite effect. The market is so nervous about the downside potential of these distressed companies that the any news which involves them addressing a problem without declaring bankruptcy will actually ease nerves and increase the value of the stock.



    http://finance.google.com/finance?q=NYSE%3AWB
    A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

    "$250,000 a year won't get me to Central Park West."

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    • Re: TG Fantasy Stock Market League

      Originally posted by USN_Squid View Post
      AWO --no press release yet
      AWO? Wachovia's ticker is WB.

      To short a stock enter the ticker and instead of "buy to open" select "sell short". Tricky, I know, so don't feel too bad. For future reference, clicking on the little arrow that points down next to the list box will show all available options. :icon19:

      FWIW WB was over 50 a year ago and was under 10 last week. I don't know if now is the best time to short that stock, but whatev...

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      • Re: TG Fantasy Stock Market League

        [media]http://www.youtube.com/watch?v=SBA0PXDwkQ8[/media]


        If you find yourself in a fair fight, then you have obviously failed to plan properly.

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        • Re: TG Fantasy Stock Market League

          Wachovia exits wholesale Mortgage lending business. And yes it's WB not AWO, wrong wachovia I guess.

          Tybalt is right, this could actually spur confidence in their future strength as a company. We'll find out tomorrow, but I would expect some nice profits on shorts early in the morning at least. I'm going long and we'll see how that works out.
          New to TG?

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          • Re: TG Fantasy Stock Market League

            opps, forgot your tip. Hope the banks dont dive again because of this, it may even be seen as prudent

            Shares of Wachovia dropped more than 5 percent in after-hours trading following the announcement. They closed the regular trading session up 21 cents or 1.6 percent at $13.18, near the bottom of their 52-week range of $7.80 to $53.10.
            :row__684:
            5 percent is positively healthy :icon_lol:


            Big banks, such as Bank of America and National City Corp., have stopped making loans through brokers entirely, relying instead on their loan officers. National City said it was forced to do so by a continuing downturn in loan demand, while Bank of America said it saw better "long-term opportunity" in working through its own loan officers.


            If you find yourself in a fair fight, then you have obviously failed to plan properly.

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            • Re: TG Fantasy Stock Market League

              Wachovia is up a further 6% right now, but volatile.
              A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

              "$250,000 a year won't get me to Central Park West."

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              • Re: TG Fantasy Stock Market League

                WB dipped to 11.76 and is now up to over 14. I got in at 12.10 at open and sold out at 12.84 for a quick $1500 profit.
                New to TG?

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                • Re: TG Fantasy Stock Market League

                  Awesome. Notice that AAPL is trading down over 12% right now? It opened down about 15%.
                  A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

                  "$250,000 a year won't get me to Central Park West."

                  Comment


                  • Re: TG Fantasy Stock Market League

                    Originally posted by leejo View Post
                    AWO? Wachovia's ticker is WB.

                    To short a stock enter the ticker and instead of "buy to open" select "sell short". Tricky, I know, so don't feel too bad. For future reference, clicking on the little arrow that points down next to the list box will show all available options. :icon19:

                    FWIW WB was over 50 a year ago and was under 10 last week. I don't know if now is the best time to short that stock, but whatev...
                    Isn't there a rule that you can't short a stock until there's been an uptick? I thought I saw that somewhere. That's the only thing I can think of that would've prevented me from executing the short. Probably a good thing, although it would've worked there was only about a half hour window where WB dropped and it's been up since.
                    New to TG?

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                    • Re: TG Fantasy Stock Market League

                      I don't believe that there is any such rule. Short away!
                      A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

                      "$250,000 a year won't get me to Central Park West."

                      Comment


                      • Re: TG Fantasy Stock Market League

                        WB closed up 27% today.
                        A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

                        "$250,000 a year won't get me to Central Park West."

                        Comment


                        • Re: TG Fantasy Stock Market League

                          Originally posted by USN_Squid View Post
                          Isn't there a rule that you can't short a stock until there's been an uptick? I thought I saw that somewhere. That's the only thing I can think of that would've prevented me from executing the short. Probably a good thing, although it would've worked there was only about a half hour window where WB dropped and it's been up since.
                          That rule was eliminated last year. Last week the SEC implemented some emergency measures to curb the practice.

                          Think about it. If you're a market maker, and you want to drive a price up, it becomes more and more expensive for you to do that.

                          If, however, you sell a zillion naked put options, you drive the price lower, and it costs you absolutely nothing. Sell some more, and you make more!

                          I bet this rule is being discussed in certain circles. It certainly creates a considerable headwind once a business gets caught up in a short-storm. It's just so easy to keep shorting it to death, and all the traders make money.

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                          • Re: TG Fantasy Stock Market League

                            It'd be funny if you could only go long on a stock after there had been a downtick.
                            A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

                            "$250,000 a year won't get me to Central Park West."

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                            • Re: TG Fantasy Stock Market League

                              The financials are oversold and (for those who remain well capitalized) are beginning to become increasingly attractive for the broader midsummer rally.
                              Jon Biloh - Pub Game Servers
                              Home of the QUALITY $1 / Slot Server
                              pubgameservers.com

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                              • Re: TG Fantasy Stock Market League

                                is it too late for me to pick bear stearns?
                                Randy = Ace ! - Warlab
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