Woops
Dow 11,015.69 -372.75 (-3.27%)
Nasdaq 2,178.98 -94.92 (-4.17%)
S&P 500 1,207.09 -47.99 (-3.82%)
JPMorgan Chase & Co. -13.28%
Wells Fargo & Company -11.61%
Bank of America -8.88%
The short ban is working well. It’s almost as effective as a tea towel on a burning house.
I’m annoyed the market is sinking though. I don’t have an options account yet. It will probably be too late to take advantage of this temporary bubble by the time mine is verified and activated.
This all reminds me of a quote from an old music production lecturer. “You can’t polish a turd”. No amount of fiddling with the free market will fix the fundamental problems of the financial markets. All they have done is well, made things worse.
Short sellers have sat back and seen that even longs have no faith in financial stocks. I’d expect financials to get hammered through October. Of course earnings is the key though. It’s all down to them. Check the consensus estimates. Wall St. is good at guiding really low so they can rob individual investors despite dire earnings.