NLV $21----

I dont know I dont care whats the exact numbers, I'm losing money temporarily.

I took today's rebound to get out of my long SSO. I believe I can get it at a lower price.

I also took today's opportunity to get short Merrill Lynch. + 5 put strike 22.5 September 08

The reason to short Merrill and their b/s CEO is because:

1. They are still patching their balance sheet. Sure most of the CDOs junks are off, but they are still facing tough economics environment. Not to mention they finance 75% of the purchase- so they are only getting ~$2 billions for something that used to be worth $30 billions. NICE TRY.

2. $8.55 billions issued at $22.5 a share- that's below market price. And you paid $2.5 billions to the Singapore to cover their losses. Merrill, who you tryna fool? FOOL!

3. To sneak into the news, a $5.7 billions write off. Net-Net Merrill, you just patched up your balance sheet.

4. That left your core business, which is to sell fancy investment vehicles and schemes to wealthy investors and charge them a nice fees. No other core businesses, just bunch of brokers and FAs. These guys better find more (stupid) wealthy people to pitch their b/s to, because you don't have an i-bank division like GS and MS. In another word, your core business is WEAK. And you sold the only business you have that's actually increasing in value - Bloomberg LP.

Price Target: $15

At $26 bucks and putting a historical P/E of 13 on your core business, you have to earn $2/sh to worth your today's price. With all the dilutions, DREAM ON FOOL!

HEY, WHO SOLD BUNCH OF SHARES BEFORE THE CAPITAL RAISING ANNOUNCEMENT?!!? (DOWN 9% THE DAY BEFORE THE ANNOUNCEMENT). NO INSIDER TRADING HUH??! SEC can BLOW ME.