Attention Bank of America Corporation (BAC) & Wells Fargo & Company (WFC) Customers: Hopefully This Ain’t You!
Posted by Timothy Sykes on Thu 17th of Jul, 2008 12:02:01 PM
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Basically anyone with under $100,000 in cash in a bank is protected by the FDIC and considering the FDIC has never stiffed anyone–at least not yet, IndyMac alone took out 5-10% of its reserves–most people feel pretty safe. As you can see in the video below of IndyMac customers trying to get their $ out, there’s some definite anger just below the surface, but for now, this is what it’s like when a bank fails:
Now, I’m all for punishing the dumb money that’s caused this whole mess, but an outright financial collapse hurts my high probability pump and dump trading opportunities, so I’m not for it. Hopefully, this kind of semi-panic is as bad as it gets. No way in hell am I convinced it’s over just yet…
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View All| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| July 2 | KIRK | $10.60 | $11.53 | $1377 |
| June 30 | ISRL | $107.97 | $118 | $985 |
| June 24 | LZB | $4.53 | $4.81 | $1240 |
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| June 15 | SHZ | $1.66 | $1.83 | $280 |
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| June 12 | JAZZ | $2.84 | $3.26 | $380 |
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| June 8 | HEB | $3.00 | $4.18 | $334 |
| June 3 | GROW | $8.64 | $8.96 | $740 |
| June 3 | SYMX | $1.21 | $1.11 | $940 |
| June 1 | USCN | $0.55 | $0.86 | $260 |
Total: $65,674 (421%)
what a bunch of fucking morons! I live in Encino, should drive by and throw water balloons at all those idiots.
Ever heard of online banking, transfer your money to another account.
And who would be stupid enough to bank at an institution whose stock price is under $1, my money would have been long gone.
my money is long gone from WM, as a matter of fact.
I bet if you asked those people why they hadn’t taken their money out of IMB, they would tell you it is because it is insured by the govt. So then why are they in line for 2 days to withdraw it after the fact.
Sometimes America makes me want to puke
Morons lost the money last Friday night when the FDIC took it over … it was already too late, so they should not have wasted their time.
they couldn’t move it with internet banking. the indymac site locked everyone out so they couldn’t do anything with their accounts.
I have all my money in my credit union or what was a credit union. they just converted to a mutual savings bank but are still a private bank. My online savings is in HSBC. As far as I can tell HSBC isn’t going to go bankrupt.
Hey Timmy great call on CHCG bought it on Monday, looking nice here, if it breaks 1.90 this could get interesting. As I’m sure you know this one has a long history of major long term moves…I think we may have found one here…
be-the-ball,
Get Real! Don’t blame the people who are getting fucked over. Put the blame where it belongs.
Woohoo on DSL.. Mike_13th on GOTS call it.. Got in @2.31 and got knocked out by the 3% trailing @ 3.05.. woohoo. 31% gain for a profit of $730 after comm..
now its on the move again.
How old is this? Is it today?
Looks like gigm has some real business going on now, I think I can’t short it as I did profitably so many times before. DAMN!
How serious you think this is?
GigaMedia partners with Electronic Arts and Tencent in China for NBA Street online Early this morning, GIGM announced that it has secured an exclusive license to offer in China the EA Sports title NBA Street Online, a new sports game from Electronic Arts (ERTS). In addition, GIGM and ERTS have entered into a strategic marketing partnership with Tencent Holdings, a provider of Internet, mobile and telecommunications value-added services in China.
Dude75,
not blaming them, just calling them idiots for standing in line for 24 hours.
they aren’t fucked over, the money is insured.
that’s why they are fucking idiots for standing in line. Oh and it is over 100degrees in Encino
GIGM anybody?
So this is a blog for discussing news now?
Thought it was about trading.
Hate to keep bringing it up Tim but for those of us who missed the IDAE sell on tuesday is it worth hanging on to?
ha this blog is about whatever i want it to be about…right now i dont see any ideal trading setups and considering all of us have $ at banks, this FDIC mess is applicable.
IDAE, i’ll only re-enter on a clean breakout of $3, even then it could be messy
Whats your take on GIGM, has it outgrown the microcrap niche?
Not sure whether pump and dump rules will apply to it anymore.
Maybe next blog will be about a cake recipe or something???
hahaha
Take it easy warrior
GIGM always has been a real company, it was just a one time short, i think its funny everyone else is watching it now
Damn, it looks like I screw it for not even checking the finance.google page before pulling the trigger, 17 p/e ratio would have warned me it was a real company with a glance.
Have been making money with the charts and have developed so much disdain for fundamentals that I haven’t been checking at all. I was explaining a friend the charts, volume, demand, wall of buyers, etc. of my yesterday money maker MNLU and when he asked about what business they were in, I realized I had no clue. Lesson learned.
Now on the news
GetShorty: I think traders should ignore the fundamentals and listen to the charts only. The charts hold all the info you (as a trader) need to know; fundamentals are for investors.
Tim stand your ground don’t give in to people who want you to issue an alert every single day, I rather you send out 2, 3 or 4 good alerts per month rather than 10 or 20 duds a month just to appease some people who constantly need you to say something. If you’re paying for Tim Alerts you should want quality picks not tons of losers with poor set ups. With that said be-the-ball I live in Los Angeles, not far from Encino we should do lunch and discuss the market, I need to learn a few things about it.
Excellent point John!
Yes, John….great point!
yes john, no way in hell, i’m forcing trades, wait til u see the alert i’ll email out in a bit
Some rich russian that paid 95 million for Trumps place is going to tear it down.
Trump was on CNBC just now. The guy is a friggen moron. Shows you money and IQ are two seperate entities. The retard said a very smart man told me 3 years ago that if oil goes over $50 it causes recession and depression. LOL There is OIL all over the place it should come down under $50. TRUMP- keep your mouth shut you moron and go build me a condo. Stick to what you know best, azzhole.
Back to business at hand. This is a dead cat rally in a bear market. Wait for bank earnings to come out to see the damage that’s in store for the financials. The oil drop, sec naked short selling rules, and wells fargo are all temporary saviors. WM is going to report 26 billion in losses for 08. You ain’t seen nothing yet. Gonna take 1.2 trillion of money by the feds to save all the banks going under. Government will have to raise taxes. This will also crush the dollar.
CHCG quickly approaching $2!
new post:
http://www.timothysykes.com/ti.....1-2pm-est/
This is just ridiculous. It just goes to show how illiterate much of this country is. The media only makes it worse by showcasing this kind of thing and creating more panic. Panic breeds panic. I’m reminded of the famous scene in It’s A Wonderful Life when george has to explain to the laypeople how a bank and lending works. In other news, I like my $400+ gain in WFC so far.
be-the-ball if you ever see this,
“Oh and it is over 100degrees in Encino”
I don’t know why I didn’t see the humor in this earlier, but now I’m laughing my ass off! The poor suckers. You’d never catch me in that line…
TomT… DSL was on fire today!!! Speculation is that it has another up day… then… who knows…
It was up 61% yesterday; 75% today; 100% tomorrow?
I don’t have fucking clue… but somebody does…
OH MY GOD, INDYMAC IS BANKRUPT?? I HAD ALL OF MY MONEY IN THERE ! NOOOOO My savingsssssss, nah just kidding I have no savings. Hey, has anyone heard from Lionmaster?? What happened to his long position in IMB? holy crap didn’t he leverage a second mortgage on his house to trade IMB’s perceived bottom?