Lot’s of people asking me if other bidders will come into the Bear Stearns deal picture….hello…I am a blogger :) .
If I were to hazard a guess into today’s Bear Stearns action is the fact that if you were one of the few who made the money on this implosion, you just hit the BUY button as fast as you could all day. This type of short windfall happens so rarely that $2 or $5 you call it a homerun and don’t quibble over the last two arbitrage dollars. That wreckless short covering was easy profits for the one day traders. The stock should open down big tomorrow.
Read this Wall Street Journal summarizing the events . Sounds like a pretty done deal to me.
You may get lucky trading this one right now, but seriously…move on!