looks like profit taking

[wimpy77]

it looks like to me that the sellers are taking profits today.

 

[DavidS]

eh. we're barely down.

What's interesting is Citi's stock price has almost doubled in the past week. Last week citi was at .98 cents a share. Today's it's hovering around 1.80. That's close to a 100% return.

 

[editec]

eh. we're barely down.

What's interesting is Citi's stock price has almost doubled in the past week. Last week citi was at .98 cents a share. Today's it's hovering around 1.80. That's close to a 100% return.

If the government gave me $306 billion dollar guarantees, as they've given Citi, my share values would go up rather considerably, too.

 

[Valerie]

eh. we're barely down.

Nice to have a bit of positivity this week!

Bulls Betting on the Demise of Mark to Market, Revival of the Uptick Rule

The stock market has rallied the past three days for any number of reasons, chief among them it was due for at least a technical, "dead-cat" bounce after hitting 12-year lows on Monday. One fundamental factor in the rise is Wall Street's increased expectation for at least some help from Washington D.C. on two issues: mark to market accounting and the uptick rule.

On Thursday, the House Financial Services Committee held a hearing on mark to market, during which Robert Herz, the chairman of the Financial Accounting Standards Board (FASB), agreed provide more detailed guidelines on the controversial accounting practice within three weeks.

Jon Najarian, co-founder of optionMonster.com, has been a vocal advocate of temporarily suspending mark to market, in order to give banks a "chance to breath" and (hopefully) sell toxic assets in a less pressurized environment and at something other than rock-bottom prices.

A full suspension of mark to market, even temporarily, seems unlikely given comments from Herz Thursday and earlier this week from Fed chairman Ben Bernanke. But some "relaxation" of the accounting rule seems likely.

Najarian is certainly betting that way; he has a leveraged long position on financials via ETFs and is long shares of JPMorgan, Wells Fargo and Morgan Stanley.

That bet is largely based on his hopes for action on mark to market but also on expectations for a reinstatement of the uptick rule, which prohibited the shorting of a stock unless it was rising.

Bulls Betting on the Demise of Mark to Market, Revival of the Uptick Rule: Tech Ticker, Yahoo! Finance

 

[manu1959]

eh. we're barely down.

What's interesting is Citi's stock price has almost doubled in the past week. Last week citi was at .98 cents a share. Today's it's hovering around 1.80. That's close to a 100% return.

kinda makes you wish you had bet 10k on them.....

 

[wimpy77]

eh. we're barely down.

Nice to have a bit of positivity this week!

Bulls Betting on the Demise of Mark to Market, Revival of the Uptick Rule

The stock market has rallied the past three days for any number of reasons, chief among them it was due for at least a technical, "dead-cat" bounce after hitting 12-year lows on Monday. One fundamental factor in the rise is Wall Street's increased expectation for at least some help from Washington D.C. on two issues: mark to market accounting and the uptick rule.

On Thursday, the House Financial Services Committee held a hearing on mark to market, during which Robert Herz, the chairman of the Financial Accounting Standards Board (FASB), agreed provide more detailed guidelines on the controversial accounting practice within three weeks.

Jon Najarian, co-founder of optionMonster.com, has been a vocal advocate of temporarily suspending mark to market, in order to give banks a "chance to breath" and (hopefully) sell toxic assets in a less pressurized environment and at something other than rock-bottom prices.

A full suspension of mark to market, even temporarily, seems unlikely given comments from Herz Thursday and earlier this week from Fed chairman Ben Bernanke. But some "relaxation" of the accounting rule seems likely.

Najarian is certainly betting that way; he has a leveraged long position on financials via ETFs and is long shares of JPMorgan, Wells Fargo and Morgan Stanley.

That bet is largely based on his hopes for action on mark to market but also on expectations for a reinstatement of the uptick rule, which prohibited the shorting of a stock unless it was rising.

Bulls Betting on the Demise of Mark to Market, Revival of the Uptick Rule: Tech Ticker, Yahoo! Finance

yep, basically the house committee basically told the regulators they could ease mark to market or they will do it for them and gave them three weeks to do it.

 

[auditor0007]

eh. we're barely down.

What's interesting is Citi's stock price has almost doubled in the past week. Last week citi was at .98 cents a share. Today's it's hovering around 1.80. That's close to a 100% return.

I'm sure that everyone who has held this stock for a few years is just jumping up and down with overwhelming joy over this news.