We're all safe now, phew.
So why isn't the market exploding like the told us? Why is the VIX still pretty gosh darn high?
Certainly possible it was pretty obvious the vote would pass this go around.
And Wacky Bank? Color me not as impressed as the Bubbleheads on the fact WFC don't need no stinkin' backstops to do this deal. Didn't they have the ultimate backstop, Big Hank's Bailout?
Speaking of WB, Someone's bunny made a nice trade yesterday. 29,599 Oct 5 calls traded, greater than the open interest.
Which leads me to the subject of rumors and AAPL and what-not.
That's Wall Street. Rumors happen, always have, always will. This is a new one though as someone exploited the credibility of the same organization that vouches for Wolf Blitzer's beard. CNN apparently has this "innovative" Citizen Journalist feature. I'll let Marketbeat explain (hat tip Abnormal).
Shares of Apple Inc., which opened marginally higher, briefly dipped on a CNN iReport that Apple CEO Steve Jobs had suffered a heart attack and had been rushed to a hospital. It’s hard to overstate the lack of credibility this report has, but that doesn’t stop short-term trading types.
The story was posted by a user named “johntw,” and may have had an impact on the shares, which dropped sharply, to $94.65, before recovering. An Apple spokeswoman said this report was untrue.
Were this to have appeared on a random stock messaging board somewhere, it would likely have had little impact, but CNN has put its weight behind this iReport endeavor, saying on its Web site that “we’ve launched an independent world where you, the iReport.com community, tell the stories we’re not used to seeing. And the most compelling, important, and urgent ones may get seen on CNN.” They do say, however, that “the views and content on this site are solely those of the iReport.com contributors. CNN makes no guarantees about the content or the coverage on iReport.com!”
If WB rumors were indeed out there (and that call volume suggests they were), that's not actually a rumor, that's priveledged information, and passing it out there is certainly a serious crime.
