stock market drops 400!

[AsherO]

BAC got hammered today.
they are being sued by AIG for $10 billion

AIG is down ~11% today as well.

[Yisha]

BAC got hammered today.
they are being sued by AIG for $10 billion

and that's already after the "Overdraft Fee Class Action Settlement" looks like 2011 is not their year.

[mercaz1]

AIG is down ~11% today as well.

i think the only positive stock in the Dow 30 was proctor and gamble today

[Chaikel]

Dan.
XE is showing the dollar up against every currency on the main page. Most considerably. Where is your info from?

[AsherO]

Dan.
XE is showing the dollar up against every currency on the main page.

JPY?

[Chaikel]

So the S&P downgrades the US and ends down 6.66 percent. Who is running this?

[Chaikel]

JPY?

Nope. Sorry, missed the last one

[Yisha]

So the S&P downgrades the US and ends down 6.66 percent. Who is running this?

that's basically what Obama said (in other words): I don't care what they say, we ware and will remain AAA  ,

I"m just wondering why wall street didn't believe him 

[AsherO]

So the S&P downgrades the US and ends down 6.66 percent. Who is running this?

The S&P index is just a composite of stocks. What you should really be pointing out is that McGraw-Hill (Parent of S&P the financial services company) is down 8.6%.

that's basically what Obama said (in other words): i dont care what the say, we ware and will remain AAA  , i just wonder why wall street didn't believe him 

How is that what Obama said? He didn't say anything about the S&P composite at all.

[Yisha]

The S&P index is just a composite of stocks. What you should really be pointing out is that McGraw-Hill (Parent of S&P the financial services company) is down 8.6%.

How is that what Obama said? He didn't say anything about the S&P composite at all.

as far i understood Chaikel was talking about the S&P that Downgraded the US Credit Rating, not from the S&P composite.

[AsherO]

as far i understood Chaikel was talking about the S&P that Downgraded the US Credit Rating, not from the S&P composite.

The S&P Composite was down 6.66%, what did you think he was referring to?

[Chaikel]

Someone just picked up over 3.7 mil shares of JPM, and 2.2 mil KFT. That's some serious coin

[AsherO]

Someone just picked up over 3.7 mil shares of JPM, and 2.2 mil KFT. That's some serious coin

$120 million bet, probably an institutional buy.

[Yisha]

last Wednesday jpmorgan's securities credit rating was lowered by Fitch and S&P to AA- http://www.jpmorgan.com/cm/cs?pagename=JPM_redesign/JPM_Content_C/Generic_Detail_Page_Template&cid=1311892212761&c=JPM_Content_C

[Chaikel]

I think KFT makes sense, but a bank now?

[arie]

Someone just picked up over 3.7 mil shares of JPM, and 2.2 mil KFT. That's some serious coin

pretty routine for big name stocks to have a lot of volume at around the close.

[Chaikel]

pretty routine for big name stocks to have a lot of volume at around the close.

This was one trade, and after hours

[Simcha89]

Any suggestions for some trades?

im thinking about buying way way out of the money options on BAC and C dated somewhere in 2013

or... going long bac or C and short XLF

comments?

[Chaikel]

Any suggestions for some trades?

im thinking about buying way way out of the money options on BAC and C dated somewhere in 2013

or... going long bac or C and short XLF

comments?

I would wait a week before going long on anything, but that's just me. I really don't think it's bottomed out, even though it doesn't appear to be a US Problem

[Simcha89]

But if I'm buying another stock to hedge myself, why wait till it bottoms out....as long as the spread between the pair that I'm buying together doesn't widen