Come again??

So I mentioned CIT before - it rocketed higher during the regular session by 30+% - after the close the WSJ is carrying a story that the bondholders might take control of the company and take basically all of the equity. If this is true and CIT goes BK and gets reorged and the bondholders take charge, there could be further disruption to small business lending as they are one of the biggest players in that space. The stock closed at 2.2 in the regular session and dropped to 1.6 in about 5 minutes towards the end of afterhours trading.
And what do your freindly neighborhood SPUZ do? They rally a couple bucks...CIT declaring BK is another glaring example of how tough the lending world is and how much stress there is in borrower land but meanwhile the computers who see some green in the ASIAN markets just go and buy SPUZ. Its just so stupid allready, fundamental news doesnt ever move the markets lower just higher....the game has officialy been rigged and its just sickening. I guess after the fed is done unloading its risk on the public maybe then the market will be allowed to function normally again, with out cruise control programs removing all volatility from the markets. A good buddy of mine who is an ecellent futures trader told me today he hasnt really daytraded in like 2 months - nothing to do he says....Bernanke, Geithner, and Obama win - human traders have been marginalized.

JB