This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House Longing for State Street

We questioned Bank of America's (BAC) timing of a deal to buy Merrill Lynch (MER) last weekend, as we figured Merrill Lynch may have gone to single digits if Bank of America didn't make a move when it did. In any free market, the players involved understand that you will never buy a stock -- or even acquire another company -- at the very bottom. The trick -- as always -- is doing your homework and making an educated move at the right time.

We strongly believe that the market should decide who become the winners and losers. Changing the rules to stifle further drops only makes for artificial upside performance. We don't need these kinds of "steroids" for the game to be profitable for many. We need to get back to the basics. No phony trading rules changes to protect the companies that all but bankrupted themselves. This is a temporary fix at best.

If You Stayed Short Financials Into Today, Punishment Is At Hand

Looking at a pre-market quote for Morgan Stanley (MS) up 50%, makes me think about how much money have I left behind in my career as a trader.

Don't get me wrong, I love what we do at, but when the trade is that blatantly obvious, you wonder how big a day it would have been for making mega dollars.

First, let's replay what was happening on that fateful day yesterday. The financials were getting hit hard again. Rumors abounded that deals were not coming together, and that money markets were in danger. But then we get the 1PM announcement about the United Kingdom banning any shorting of financial stocks. The market started to make a comeback, but nothing feverish. If you were short, you had plenty of time to react. Then we started getting anecdotes from companies like Bank of New York that things were fine, so those financials started coming back. Then came the fire alarm about the Resolution Trust -- which started to get the market hopping a bit -- but you still had time if you were short to get out with not as much harm done.

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AIG $54.68 0.00%
BK $40.29 0.00%
FII $33.30 0.00%
NTRS $69.93 0.00%
STT $73.88 0.00%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs