Monday, September 10, 2007

Washington Mutual (WM)

Let's tall in code. When the sun is burning bright - where do you go if you're outside to seek refuge? Into the 'shade'. Ah, the shade -- so nice on a hot summer's day -- like yesterday. When there is plentiful 'shade' you could say that it's "shady". "Shady"... hmmm, such an INteresting word. Did I say I was thinking of the word, "Shady" for whatever reason at this moment?

UPDATE 1-Washington Mutual sees more 2007 loan losses

All I can say is, what happened to the rosy picture Wamu gave us with earnings about 3-months ago when they so conveniently beat the street??

INteresting indeed. INteresting

Yes, monsters are such INteresting people and so are monster mortgage lenders.

Even more INteresting, is WM's chart as the stock breaks through 35 again and perhaps on its ways to re-probing summer lows. That would not be a surprise given that its relative strength never ventured much above 50 during the brief post Fed discount rate cut. (Short and long term charts below. Put options volumes are heaviest in the September and October 32.5 puts, or bets those lows will indeed be restested.

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