Open:
We drop from the lofty highs, but this is also the end of option expiration week and all those call sellers are scrambling. Many could even be waiting for a drop, suggesting some support. The timing of the bank rescue was perfect. Paulson knew what he was doing. But frankly, who in their right mind was still short after SPX hitting 1133?
Gap closes are ES 1203.25 and NQ 1708.50. Watch ES 1258.50 and 1235 on a drop.
Paulson speaks at 10.
List of US financial stocks that cannot be shorted until October 2nd: link.
I know many folks out there are very upset at some of these measures and I am as well. But I also have mixed feelings, being a student of history. Bernanke did his thesis on the great depression and I'm sure Paulson knows the events that led to it well. In fact, the entire Western world remembers it well, this is why we are seeing a concerted effort to avoid an international banking collapse. Forget taxes if that happens, you will have to start growing your own vegetables to feed your family. The only question is did they overreact and is the crisis that severe? I think Hank Paulson is the best man for the job right now, we are very fortunate it is not an O'Neill or Snow at the helm. I will give him the benefit of the doubt for now. But this better work.
As for the Cox measure, did he really think this through? Banning short selling altogether is a mistake. Shorts provide liquidity.
We would also like to see is some accountability for those responsible for putting us in this mess in the first place (politicians that repealed basic banking regulation?) Maybe we should finance part of the debt with the billions in bonuses some of these folks gave each other. It will never happen, of course.
We drop from the lofty highs, but this is also the end of option expiration week and all those call sellers are scrambling. Many could even be waiting for a drop, suggesting some support. The timing of the bank rescue was perfect. Paulson knew what he was doing. But frankly, who in their right mind was still short after SPX hitting 1133?
Gap closes are ES 1203.25 and NQ 1708.50. Watch ES 1258.50 and 1235 on a drop.
Paulson speaks at 10.
List of US financial stocks that cannot be shorted until October 2nd: link.
I know many folks out there are very upset at some of these measures and I am as well. But I also have mixed feelings, being a student of history. Bernanke did his thesis on the great depression and I'm sure Paulson knows the events that led to it well. In fact, the entire Western world remembers it well, this is why we are seeing a concerted effort to avoid an international banking collapse. Forget taxes if that happens, you will have to start growing your own vegetables to feed your family. The only question is did they overreact and is the crisis that severe? I think Hank Paulson is the best man for the job right now, we are very fortunate it is not an O'Neill or Snow at the helm. I will give him the benefit of the doubt for now. But this better work.
As for the Cox measure, did he really think this through? Banning short selling altogether is a mistake. Shorts provide liquidity.
We would also like to see is some accountability for those responsible for putting us in this mess in the first place (politicians that repealed basic banking regulation?) Maybe we should finance part of the debt with the billions in bonuses some of these folks gave each other. It will never happen, of course.
This entry was posted
on Friday, September 19, 2008 at 9/19/2008 09:40:00 AM.
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