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Bottom fishing on the financials. Do you think all their bad news is wrung out or are you playing the bounce?

What's your strategy here?
Stop loss?
Exit criteria?
etc.
 
Troglodyte27 said:
Bottom fishing on the financials. Do you think all their bad news is wrung out or are you playing the bounce?

What's your strategy here?
Stop loss?
Exit criteria?
etc.
Click to expand...

I expect a bad report on earnings, but i also expect that their capital is enough to make up for the bad loans. That being said... early morning they will be down. End of day they will have recovered similar to what WB did today. There isn't anything that can come out worse for WM that what is already there. A .01 dividend and expected horrible earnings, not much bad news can hurt it. It's bottomed.
 
I bought bank of america a couple days ago up 14% today and I'm stuck in a meeting till after closing. dam
 
DigitalDave said:
I expect a bad report on earnings, but i also expect that their capital is enough to make up for the bad loans. That being said... early morning they will be down. End of day they will have recovered similar to what WB did today. There isn't anything that can come out worse for WM that what is already there. A .01 dividend and expected horrible earnings, not much bad news can hurt it. It's bottomed.
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They are up big in after hours right now.
 
Superfreak said:
Any particular reason? because they didn't make it onto the protected from short sellers list....
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It has some room to drop in after hours, and I think a few people will take their profits and run. It may come down before tommorow morning but I wouldn't count on it now. I wanted to add to my position but looks like it'll be a little bit more expensive to do so.
 
Ok, that after hours spike was tapped down now... but still expect 7-7.25 tommorow. Hopefully a good buy in the morning like I expected :)
 
DigitalDave said:
It has some room to drop in after hours, and I think a few people will take their profits and run. It may come down before tommorow morning but I wouldn't count on it now. I wanted to add to my position but looks like it'll be a little bit more expensive to do so.
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Perhaps not. It was up to $6.50 in after hours but has subsequently pulled back to $6 and is sliding. You may get your opportunity. I would not recommend holding WaMu too long though.
 
Superfreak said:
Perhaps not. It was up to $6.50 in after hours but has subsequently pulled back to $6 and is sliding. You may get your opportunity. I would not recommend holding WaMu too long though.
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I agree, when you get that 25% jump in your stock price tommorow. Don't get greedy for more. Sell!
 
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