Grasso warns, reassures...

[chasinfla]

im only half kidding about conspiracy theories...either that or it's mass insanity, a major confluence of blunders...

the tip off, I think, is the spin these stories are getting. It's as if the media get some perverse pleasure from kicking the market and the investor when he's down.

Hey, didn't Don Henley say that very thing?

 

[m22au]

Originally posted by Pabst
Grasso's statement seems so bizarrely telegraphed that I wonder if a major firm(s) is not in dire trouble.

I'm not sure if it will hurt them eventually, but JPM has a lot of derivatives on its books, and is very short gold. Can't remember where I read the derivatives stuff, but Thom Calandra of CBS MW has written extensively about JPM and other banks being very short on gold.

 

[chasinfla]

JayS
Senior Member

Registered: Mar 2001
Posts: 152


07-22-02 02:56 AM

WorldCom:

JP Morgan Trust Has $17.2B In Unsec Debt

Mellon Bk, As Trustee, $6.6B In Unsec Debt

Citbank, As Trustee, $3.29B In Unsec Debt

Bear Stearns, As Trustee, $2.7B In Unsec Debt

http://www.elitetrader.com/vb/showthread.php?s=&threadid=7159&perpage=6&pagenumber=2

 

[stkcowboy]

Just a reminder for all to remove their 'mkt order' keys from their keyboards; and to use only limit orders so we don't have terrible fill stories to tell tomorrow eve.

It is going to be a rough day even if you have the trend right; because MM & specialists will be stepping away from this volatility to preserve their firm's capital. In fact don't necessarily believe your real time quotes, there will be some major league lags tomorrow.

 

[chasinfla]

thanks for the reminder.

 

[ertrader]

im not worried about fills, MM steping away, etc. They are always like that in the options market.....hell the bust trades all the time.

You gota be in it to win it.....

 

[chasinfla]

yeah, options fills can be outrageous during crisis markets.

 

[Seanote]

Originally posted by stkcowboy
Just a reminder for all to remove their 'mkt order' keys from their keyboards; and to use only limit orders so we don't have terrible fill stories to tell tomorrow eve.

It is going to be a rough day even if you have the trend right; because MM & specialists will be stepping away from this volatility to preserve their firm's capital. In fact don't necessarily believe your real time quotes, there will be some major league lags tomorrow.

MMs and Specialists must always maintain a bid/offer for any stock they make a market in but they will be posting less shares than usual which fuels volatility. For those of you that trade large blocks you will notice how much more difficult it will be filling your entire order.

 

[DisciplinedHedg]

Did Grasso say why he came out and said what he said?

What indication is he getting that Monday will be that bad at all besides the fact that Friday was a crummy Friday.

Worldcom files for Bancruptcy? Gee, that was a surprise, stock went from $60 to 6 cents. I'm sure a lot of people are completely shocked at this point that WCOM is filing for bankruptcy.

 

[chasinfla]

I wondered too...is he getting indications of sells, or just going by experience? Welp, we'll probably never be any closer to the truth than an educated guess on that one.



hmmm. I see the dow fut's took out Friday's low.