monday trading

What a week we had. Was good with shorts initially and did not hold on to long position long enough to gain the huge move and short trades were stop loss out a few times but short above 5000 last night were rewarding.

Next week we got more volatility with more information on US bail out plan and could be a buy on rumour sell on fact if all short cover are now complete and then the focus will be back on US weak economy and the effect of US government spending in bailing out the bad companies. We also got options expiry on Thursday just to keep the week more wild and more manipulation of course. Intraday trading with close stop loss in either direction is the plan for me and see below for more of these news to come out of the US of A.



Ameribank folds, 12th bank closure this year

By John Letzing, MarketWatch
Last update: 8:19 p.m. EDT Sept. 19, 2008Comments: 30SAN FRANCISCO (MarketWatch) -- A tumultuous week for financial markets was capped Friday with the closure of Northfork, W.Va.-based Ameribank Inc., the 12th U.S. bank closure so far this year.
The Federal Deposit Insurance Corporation said in a statement late in the day that deposits at Ameribank's Ohio branches have been transferred to the Citizens Savings Bank, and Ameribank's three Ohio branches will reopen Saturday as Citizens Savings Bank branches.
Ameribank's West Virginia deposits have been transferred to Pioneer Community Bank, and Ameribank's five West Virginia branches will reopen Monday as Pioneer branches, according to the FDIC.
As of June 30, Ameribank had $115 million in total assets and total deposits of $102 million, the regulator said.
The bank's closure marks the end of an extraordinary week that saw venerated Wall Street brokerage Lehman Brothers Holdings Inc. file for bankruptcy, while Merrill Lynch & Co. agreed to sell itself off to Bank of America Corp.
In addition, the federal government swooped in to seize troubled insurance giant American International Group Inc. , and regulators began forming a rescue plan to help sustain U.S. markets. See related story.
John Letzing is a MarketWatch reporter based in San Francisco.