Countrywide came out with some disclosures last night regarding the charge it expects to take as a result of the 12,000 employees that it recently laid off.
The stock held at 18 after hours, then opened this morining at 18.30.
It moved lower in an up market. It kept moving lower and lower all day in spite of its strong performance in the after-hours yesterday and pre-market this morning, even as the market and other financials rallied. It traded as if someone knew something.
After hours, the SEC announced that it is investigating Angelo Mozilo for his trading practices.
I am sure that if the SEC were to digg a little beneath the surface regarding Countrywide's movement today, they would find that one of their own tipped someone off today.
How can you trust the market when even the insiders at the SEC are trading on inside information?
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