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SEC Restricts Shorting 19 Financial Stocks

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July 17, 2008 – Comments (12) | RELATED TICKERS: WAMUQ.DL , GS , NCC.DL2

If you need some Undeperforms, here is a great list, after this idiots rally. Mish Shedlock has a great quote "whatever it is they are doing is going to blow sky high anyway because that is the nature of all such market manipulations."

SEC Panic - Shorting Curbs Placed on GSE Stocks.


BNP Paribas Securities Corp
Bank of America Corp
Barclays PLC
Citigroup Inc
Credit Suisse Group
Daiwa Securities Group Inc
Deutsche Bank Group AG
Allianz SE
Goldman Sachs Group Inc
Royal Bank ADS
HSBC Holdings Plc ADS
JPMorgan Chase & Co
Lehman Brothers Holdings Inc
Merrill Lynch & Co Inc
Mizuho Financial Group Inc
Morgan Stanley
UBS AG
Freddie Mac
Fannie Mae

From Mish Shedlock:

Who Is Missing?

Where is Washington Mutual (WM)? Wachovia (WB)? Were they tossed to the dogs?

What about Corus Bank (CORS), Bank United (BKUNA), National City Corporation (NCC)?

It is beyond all belief that naked short selling is affecting Goldman Sachs (GS) more than Washington Mutual, Wachovia, Corus Bank, Bank United, and National City Corporation.

Is this a hint of the banks and brokers the Fed and SEC want to protect at all costs? Or is this some kind of setup play, an open invitation to short the others before the same stunt is pulled again.

The only problem I have with the latter kind of thinking is that it gives these bureaucrats credit for thinking and executing a plan. Of course whatever it is they are doing is going to blow sky high anyway because that is the nature of all such market manipulations.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
 

12 Comments – Post Your Own

#1) On July 17, 2008 at 10:26 AM, LordZ wrote:

Hows your double financial short doing ???

LOL

 

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#2) On July 17, 2008 at 10:27 AM, klemenv (99.75) wrote:

I hope I don't get cought in the short squeeze.

But if I do, we will find ourselfs in grand mother of long-put opportunity of lifetime. 

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#3) On July 17, 2008 at 10:36 AM, abitare (31.73) wrote:

LordZ,

My CAPS position  was $143, because on 22-23 Jan, the FED intervened and caused a 400 points ralley.    

I owned SKF at $100. Closed half $140 and the rest at $160. I still hold SRS. I wanted SKF as a long term hold, but it went up to $200ish this week! 40%-60% return in six months is a good return for me. I only hold 4-5 positions at a time.

Lol, I will buy more SKF if it comes down to $100 ish.

I LOVE SKF. I hope it comes back down to a $100ish. 

klemenv,

I think this is a short squeeze, it will end, but it might take some time. 

My WAG: After options expiration week, we will see the market continue downward.  

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#4) On July 17, 2008 at 10:44 AM, LordZ wrote:

I'm glad that it made you money :)

when the market swings, plenty of money is up for grabs.

so long as you buy and sell accordingly.

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#5) On July 17, 2008 at 10:46 AM, wolfhounds (29.07) wrote:

I often compare economic manipulation to the laws of physics. Neither can be controlled by mere mortals. The economic reality of banks cutting earnings by 50% but beating estimates  is a fools game.  Just as gravity  curves light waves  and distorts what  the eye sees through a telescope,  so will  the distortions  of misreporting earnings lead to financials falling back to earth.

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#6) On July 17, 2008 at 10:48 AM, LordZ wrote:

If it goes that low, shoot I might have to join in with you.

got any other numbers that when reached are buys,,,

i can't follow everything and figured i'd ask someone more skilled and involved in areas that perhaps I am not as involved as i should be and that I should be paying attention to.

:)

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#7) On July 17, 2008 at 11:48 AM, abitare (31.73) wrote:

LordZ,

I put $ by my actual positions on CAPS, typically in or arround my entry point (NOT ALWAYS). I would avoid the DRYS pick due to the manipulation. My UPdown porfolio has done very well also.

I like SRS below a $100, and I am tempted to by more. But I like SKF better then SRS. IMO the War is the issue. Nothing else has any long term relevance. If Israel attacks Iran, the US economy will tank beyond anything the US has ever seen in 50+ years.

I would not be long the US market until the war issue is resolved. I think the risk reward is on the short side. 

If you want to go short, but you don't want to get squeezed, I would go with an ETF.

I like: SRS, SKF, RWM the best, but there are plenty out there. Take a look at abitarePERFECT, he is loaded with them.  

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#8) On July 17, 2008 at 11:56 AM, abitare (31.73) wrote:

Lordz,

Also if you want a long position, I like Alcoa, AA. The company is profitable, and the stock even pays a dividend of about 2. Take a look at my pitch. I might get a long position in AA at some point.

FYI - China is moving into Aluminum also in a big way. Report this comment
#9) On July 17, 2008 at 12:17 PM, LordZ wrote:

Thanks ABit..

DRYS is a trip I sell and than I'm happy

except when I see it shoot up..

its sort of like holding a gernade

never really sure when it might explode in your hand

but it makes for an interesting weapon to throw or give to someone else.

 

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#10) On July 17, 2008 at 1:08 PM, AnomaLee (28.54) wrote:

All of those banks and investment banks are among the largest currency traders in the world. I've been telling you all this sh** for months.

Obviously, Freddie and Fannie are half the mortgage industry, but neither Wachovia or Washington Mutual compare to any of those companies in importance in the global financial market.

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#11) On July 17, 2008 at 7:58 PM, abitare (31.73) wrote:

"#7) On July 10, 2008 at 10:11 PM, AnomaLee wrote:

If Jim Cramer is bearish then that means stocks are going to rally about 5-6% next week or the week after fore sure.

Also, I Scott Ritter speaks the cold-hard truth...."

 

LOL! You nailed it! What a great call! 

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#12) On July 17, 2008 at 10:00 PM, Tastylunch (29.22) wrote:

It's really odd GS is on the list....but I think Anomalee is right.

Can anybody say extreme Moral hazard?

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