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initially market thought jpm bought wm, so of course stock went up. then cnbc reported it wasnt the case, it fell to <0.5, then the idiot speculators came in and bought it back up to 0.9, then cnbc confirmed common is wiped out, and it fell back down. made a few coins on this chaos :)

it's fdic's decision to pass wamu to jpm. have fun sueing the feds....

just closed all my positions for a net $1000 profit, took a big loss on the options due to afterhour spreads. Only thing i have left now is a small position on far otm puts. fucking mccain, looks like this 100% guarenteed bailout may not happen now. If so, market is fucked tomorrow, waiting...

not just common, all the debt holders are wiped out. It's a fdic seizure, they just passed it to jpm right away, but still doesnt change the fact it's a fdic seizure.

The queen is dead, long live the queen!!

christ this thing is up another 50%. I would got in on some puts now but the premium is insane on them. Guess i will wait for a final pop to ~$3.5 before getting some 2.5 puts. pure insanity.

johnny what's your average gain for the winners and loss for the losers so far? having a high probability is great, but it's difficult to tell the whole picture without knowing the actual gain/loss numbers. thanks

i will go with cramer on this one, wait for the spike after the bailout then go short...errr puts.

i think the reason it dropped is because buffet said he did the deal based on the assumption the bailout will get done, NOT on current fundamentals. That had everyone focused right back to the bailout, and the market tanked back to the old level based on the current bailout sentiment.

i was wrong, buffet news didnt do jack. This market is unbelievably weak and skittish, the vix actually went UP when es went to 1200 early morning. The only focus is the 700B bailout, rubberband is winded very tight, expecting another blackswan event (up or down) when the bailout plan is sorted.

are you for real? you gained 25% in 1 day and you are still not happy with it? unless i am reading this wrong.

unlike all the other news, this is big as buffet IS market confidence. If he thinks the financials have bottomed, it will bring a lot of buyers out of the woodwork.

es just gapped up, 1206 now

news just broke, buffet invests 5billion in goldman sachs. No wonder this thing gapped right before the close! we are also at a key support of 1187 on the es. All this is lining up for an up move tomorrow. Will be getting ready to enter market neutral long positions if vix drops...

i dont see any news, both went up 50% today. what the hell?

mark, i am not understanding some of the point you made about iron condor. If i understand correctly your basic idea is to have a risk:reward ratio close to 2:1 on the IC and load up the wings with a higher ratio than the gut so in case the price gaps in either direction your loss will not...

As long as the positions are cash covered. This is the oldest trick in the book, sell the put just below certain support level to make entry(or pocket the premium), then sell the call at above resistence once you are assigned the shares. You could significantly reduce your cost basis overtime...

complete history: http://www.lehman.com/who/ indeed very sad story for all the average joe working there every day 8-8 for the last 10-20 years pulling in 100-200k a year and had a significant part of their networth and 401k wiped out. I know quite a few guys there, also 100-200k a year...

nell, ask yourself if this blackswan event from last week happens again. Do you now have a better plan to deal with it, without blowing up your account.

are you saying GCU8 didnt drop 20 points? or it dropped after GLD closed? sorry not too clear what you mean.