FITB

FITB is up 60% today alone....I wanted to short this one at 5, and am glad I didn't. In the high 8's though, I thought it was worth a shot. I bought Aug. 10 puts, which will hopefully give this position enough time to become profitable. This stock is up about 700% in 3 months. 700% in 3 months!!!!! In addition to a large amount of commercial real estate, FITB also holds huge amounts of Florida based 2nd mortgages. These loans are currently holding their value only because of the Obama modification plans and foreclosure moratoriums. However, these 2nd mortgages, the last 20% or so lent on houses in 2003-2007, are all but worthless.....