The Federal Reserve Bank of New York held an emergency meeting Friday night with top Wall Street executives to discuss the future of venerable firm Lehman Brothers Holdings Inc. and the parlous state of U.S. financial markets.
In attendance were New York Fed President Timothy Geithner, Treasury Secretary Henry Paulson, Securities and Exchange Commission Chairman Christopher Cox, Morgan Stanley Chief Executive John Mack and Merrill Lynch Chief Executive John Thain, among others.
The Federal Reserve Bank of New York held an emergency meeting Friday night with top Wall Street executives to discuss the future of venerable firm Lehman Brothers Holdings Inc. and the parlous state of U.S. financial markets.
Oh, to be a fly on the wall in that room…Â I wonder what they will come up with this time.
You know, I used to consider myself an “investor”. Find undervalued companies, buy them, and wait patiently… But in recent months, I have found myself shorting stocks for the first time. Lately, my strategy has been to short the financial garbage and go long the XLF as a hedge. Seems to be working great so far.
At market close today, I increased the XLF position, because I figured there would be some kind of announcement on Sunday to create the usual pop in the Asian markets and financial stocks on Monday morning, at which point I intend to reduce the XLF position again. (If I am wrong and the bottom drops out… Well, I am still short the garbage.)
Yes, I used to be an investor, but they have turned me into a day trader. And even as I profit from it, I hate what I have become.
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