Monday, September 8, 2008

Some Crazy Action in Airlines Today

Posted by TraderMark at 11:19 AM TweetThis
Wow. I wonder if this falls under the SEC's new "rumor mongering" initiative - or does that only work when shorts attack financials with rumors? Say you are short airlines and you want to start a rumor than UAUA (UAL) is going bankrupt. Apparently this can move the stock down 60% in a few minutes.

4 minutes ago UAL says bankruptcy story completely untrue - MarketWatch
6 minutes ago Shares of UAL halted - MarketWatch

I wonder if the SEC will investigate to see who "covered" in the past 15 minutes. Or better yet any interesting put activity in the past 24-48 hours. I doubt it - they appear to be a toothless entity. Someone just made a lot of money from $12 to $4.

1 day chart below


Posted by TraderMark at 11:19 AM

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