I bought calls on this last week, looks as if I was right. Should go between $7 and $10 a share
Posted by Gary59 on :
Here's the news...::
DOW JONES NEWSWIRES
National City Corp. (NCC) rallied amid a fresh report that the regional bank, which has been crippled by bad real-estate loans, is in talks for a possible sale. Shares were recently up 12% to $2.50 in early trading, half the gains seen in premarket trading. Other regional banks also rallied ahead in the early going but also weakened as composite trading began, with some even going into the red. Fifth Third Bancorp (FITB, SunTrust Banks Inc. (STI) and Regions Financial Corp. (RF) were all recently down 10% to 12%. National City's gain comes after weeks of investors rapidly fleeing it. It's down nearly two-thirds the past three weeks as investors have eyed National City as a next potential victim of the nation's widening financial crisis. But the company has maintained that the selloff is unjustified. The banks said to be in takeover talks with National City - PNC Financial Services Group Inc. (PNC) and Canada's Bank of Nova Scotia (BNS) - already looked at National City last spring but decided then not to make an offer. Instead, National City got a $7 billion capital injection. The Wall Street Journal, citing people familiar with the situation, said National City is on the block again, which underscores the precarious position of regional banks that have been unable to regain their footing despite help from outside investors. Analysts say National City, which has more than 1,400 branches in nine states, has more than enough capital to handle the mortgages on its books. The company has maintained the same thing. Yet the fact that the bank has been hobbled by bank loans has led investors to draw connections between it and other banks that have recently failed or agreed to sales to larger companies. For years, National City was a conservative commercial lender until it made a nationwide push into writing subprime and home-equity loans, many through a subsidiary that it subsequently sold to Merrill Lynch & Co. (MER). The subprime-mortgage crisis took its toll on National City, which reported four-straight quarters of losses totalling more than $2 billion. -By Donna Kardos, Dow Jones Newswires; 201-938-5963; donna.kardos*dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=VRD32MtgWpTbaoQgILdS%2Fg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires 10-09-08 1013ET
Posted by Gary59 on :
Good call on the calls invester..I have been flipping this he last few weeks,,Might need to get some shares to hold long now...
Posted by metal1 on :
I can't imagine much of a premium considering most of the deals lately have been take unders. i have been know to be wrong though, haha.
Posted by invester on :
I like Oct. and Nov. Calls. The news should be out by next week. There not going to let a recovery in the stock, and the market happen before a deal. They would have to pay too much for the common
Posted by leatherssonny on :
Im in NCC at 2.48 Should I hold on to this or sell in your guys opinion? Is this something I should wait and see about? What happens if the company is bought?
Posted by stocktrader22 on :
it'll get bought under for .50-1.00
Timeline for the Epic Lehman CDS Auction Tomorrow
Here is (according to Reuters) the timeline for what will be an epic CDS auction tomorrow related to the Lehman bankruptcy. There are huge losses to go around, confusion about counter-parties, and I expect a host of releases tomorrow afternoon as people disclose their newfound liabilities.
9:45 a.m.-10 a.m. Auction participants will submit bids and offers for the debt backing the credit default swaps, which will be used to determine the initial recovery rate of the swaps.
10:30 a.m. Auction administrators Creditex and Markit will publish the initial recovery price and the open interest for the contracts will be published. The open interest reflects the amount of bids and offers that have been made, and will show if there are more buyers than sellers, or vice versa.
12:45 p.m. -1 p.m. Participating dealers will submit limit orders for the debt on behalf of themselves and their clients to fill the open interest
2 p.m. The final price of the auction will be published.
Most people expect prices in the 12-to-13 cents on the dollar, leading to payouts in the $400-billion range.
Comments (4) Sort by: Date Rating Last Activity Thread active 2 hours agoCollapse thread
Paul Kedrosky•76p The Freddie/Fannie auction was this past Monday, and it went relatively cleanly, with high recovery rates on the debt, and only one lawsuit that I've seen. Lehman is a different issue altogether.
POST REPLY» 2 hours ago Thread active 1 hour agoCollapse thread 0 Ted Murphy So they are selling 3.2T in Credit Default Swaps, representing 5.8% of a 55T global market in CDS. They are expecting to take a 87.5% hit, recouping $400B and losing 2.8T. This translates into further losses of $48.1T on the rest of the $55T. It seems so awful that it can't be true.
POST REPLY» 7 hours ago +1 khyron4eva•22p Maybe this is stupid question and oversimplification, but I have to wonder why CDS contracts aren't simply being unwound? Now, we're all familiar with the backlog in these things that NYFED (and Geithner in particular) was was working to clear out -- paper records, bad novation records, etc. All that good stuff from 2005. So the question is, how accurate is $62T notional at this point in time. How many of those contracts are being unwound daily? Probably not huge (or even statistically significant) amounts, admittedly, but I have to imagine some players are just getting out, if they can.
That said, you don't just unwind $50T+ of CDS contracts in a month, especially on a bankrupt reference entity.
Just thinking aloud.
The losses expected from this auction will absolutely wreck many banks tomorrow...some don't even know it yet, but they're dead men walking...
Posted by BooDog on :
Baird Adams stressed that National City is stable and well-capitalized.
National City's capital ratios are well above many of their peers, Chan said. However, National City's main concern is that depositors will flee for banks considered more stable, she said.
"The problem with National City right now is more a concern of liquidity, not capital," Chan said. "If they were acquired by what's perceived to be a stronger bank, it would solve a lot of those issues and help continue to stabilize the deposit base." ------------- In this media controlled market no one is safe imo. Not much trust left. NCC just got done raising capital in sept also. I think they have taken some decent steps but we'll see if it was enough.
Posted by invester on :
The VIX is at an all time high. I think we open much lower, but actually bottom today. I'm back in, fully invested.
Posted by BooDog on :
quote:Originally posted by invester: The VIX is at an all time high. I think we open much lower, but actually bottom today. I'm back in, fully invested.
your a crazy fkr but good luck! Maybe our world financial leaders will save us after all. lol
Posted by invester on :
This is a text book bottom. Love it. Posted by invester on :
quote:Originally posted by stocktrader22: it'll get bought under for .50-1.00
Timeline for the Epic Lehman CDS Auction Tomorrow
Here is (according to Reuters) the timeline for what will be an epic CDS auction tomorrow related to the Lehman bankruptcy. There are huge losses to go around, confusion about counter-parties, and I expect a host of releases tomorrow afternoon as people disclose their newfound liabilities.
9:45 a.m.-10 a.m. Auction participants will submit bids and offers for the debt backing the credit default swaps, which will be used to determine the initial recovery rate of the swaps.
10:30 a.m. Auction administrators Creditex and Markit will publish the initial recovery price and the open interest for the contracts will be published. The open interest reflects the amount of bids and offers that have been made, and will show if there are more buyers than sellers, or vice versa.
12:45 p.m. -1 p.m. Participating dealers will submit limit orders for the debt on behalf of themselves and their clients to fill the open interest
2 p.m. The final price of the auction will be published.
Most people expect prices in the 12-to-13 cents on the dollar, leading to payouts in the $400-billion range.
Comments (4) Sort by: Date Rating Last Activity Thread active 2 hours agoCollapse thread
Paul Kedrosky•76p The Freddie/Fannie auction was this past Monday, and it went relatively cleanly, with high recovery rates on the debt, and only one lawsuit that I've seen. Lehman is a different issue altogether.
POST REPLY» 2 hours ago Thread active 1 hour agoCollapse thread 0 Ted Murphy So they are selling 3.2T in Credit Default Swaps, representing 5.8% of a 55T global market in CDS. They are expecting to take a 87.5% hit, recouping $400B and losing 2.8T. This translates into further losses of $48.1T on the rest of the $55T. It seems so awful that it can't be true.
POST REPLY» 7 hours ago +1 khyron4eva•22p Maybe this is stupid question and oversimplification, but I have to wonder why CDS contracts aren't simply being unwound? Now, we're all familiar with the backlog in these things that NYFED (and Geithner in particular) was was working to clear out -- paper records, bad novation records, etc. All that good stuff from 2005. So the question is, how accurate is $62T notional at this point in time. How many of those contracts are being unwound daily? Probably not huge (or even statistically significant) amounts, admittedly, but I have to imagine some players are just getting out, if they can.
That said, you don't just unwind $50T+ of CDS contracts in a month, especially on a bankrupt reference entity.
Just thinking aloud.
The losses expected from this auction will absolutely wreck many banks tomorrow...some don't even know it yet, but they're dead men walking...
I disagree. I think this will play out the same as Wachovia. They have 1400 branches, great deposits, and there debt is not as bad as once perceived. $7-$10
Posted by Gary59 on :
S&P Analyst Research Notes S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF NATIONAL CITY CORP Thursday 10/09/2008 9:32 AM ET - Standard & Poor's Research Notes According to unconfirmed report in the Wall Street Journal, NCC may be in discussions to sell itself, possibly to PNC Financial (PNC 68***) or Bank of Nova Scotia (BNS 41). We are keeping our $3 target price, based on a sharp discount-to-peers 0.95X our tangible book value estimate of $3.16 per share, reflecting the current serious challenges to NCC's credit quality. We also think NCC's nearly $15.4 billion in Tier 1 capital at the end of Q2, 11.08% of risk-adjusted assets, should be high enough so as to not require NCC to seek additional capital in rest of '08.
Posted by invester on :
B$2.37
A$2.39
Quite a bid after-hours. I wonder if news is coming tomorrow
Posted by invester on :
I just noticed an extremely high Oct. call volume on NCC today. Could mean something
Posted by Gary59 on :
Hey leatherssonny , did you hold your NCC at $2.48? Might run again today..
Posted by Rockster on :
2.77 up 20% pre. sell pre and buy after it goes down for a few hours... then you can buy again if want.
Posted by Rockster on :
2.98 29%
Posted by Rockster on :
hold till close to bell
Posted by Gary59 on :
Holy snott..NCC ask over $3 now
Posted by Rockster on :
3.29 43%
get out soon it's gonna fall when the bell rings.
consumers/investers just excited about yesterday. Will fall when all the regular orders with volume come in. Pretty sure. Then you can just buy again.
Posted by invester on :
.Looks great. Couple this with the buyout news; we will see my $7-$10 figure this week.
Posted by Rockster on :
I bought a boat load of NCC options over the last few weeks. Hope it flies!!
Posted by Rockster on :
up 30%+ with a negative EPS (Trailing 12 mo.) -3.28 gotta love this market.
Run... ah;lahkds] ;klf[
Posted by invester on :
You have to know that the Private Equity firm that injected 6 billion in this company won't let it go for less than $7-$10. 1400 branches, strongest bank in Ohio, Penn, etc........
Posted by Rockster on :
back down to 2.92
Posted by Rockster on :
quote:Originally posted by invester: You have to know that the Private Equity firm that injected 6 billion in this company won't let it go for less than $7-$10. 1400 branches, strongest bank in Ohio, Penn, etc........
I know, just short term losses... I like the bank. One of my favs.
Just trying to help some out who were holding.
Posted by invester on :
$3.25
Posted by invester on :
HOD $3.38
Posted by invester on :
Fifth Third Bank is trading at $7.4b
National City is trading at $2.4b
National; city has 1400 branches
Fifth Third 1200 branches
National City got the 6 billion infusion from P.E. firm.
National City has great deposits
I truly think it should sell for the $7-$10
Posted by Rockster on :
Well we are in agreement because those are the two I thought were strongest and dropped for no apparent reason a few weeks ago. when financials dropped. I personally like fifth third, they are professional and have great services.
Although I have many other interests besides
I'm doing more indexes instead of following all the individual stocks.
Posted by invester on :
You also have to remember that there are several bidders for NCC, PNC, Bank of Nova Scotia etc… Could go higher.
Posted by invester on :
=DJ National City Mulling Participation In Government Plan
. By Ralph E. Winters For DOW JONES NEWSWIRES
CLEVELAND (Dow Jones)--National City Corp. (NCC) is still considering whether it will seek to participate in the new government program to provide new capital to the nation's major banks, said Peter E. Raskind, chairman, president and chief executive.
The bank is "very well capitalized" as the result of a transaction last April that provided $7 billion in new capital, Raskind told a meeting of Cleveland securities analysts Wednesday.
In fact, as of June 30, National City Bank was "the most strongly capitalized" of the nation's large banks, he said.
However, the definition of a strongly capitalized bank "may creep up" as a result of the additional capital being injected into leading institutions, he said. National City will consider that as well as implications for the company's shareholders before deciding whether to seek participation, he said.
"I am actually quite optimistic about the future of the company," Raskind said, while "not glossing over the challenges we face."
Shares of National City traded recently at $3.19, up 9 cents. The stock is down 81% year-to-date.
Posted by Gary59 on :
Well Invester, looks like this was the only one on my list that did not close down today..Closed up .09 today everything else I had was in the red , Looks like when the market turns it might make the $7 to $10 range after all..
Posted by invester on :
The CEO's comments about being one of the best capitalized of the big banks screams take over at these levels.
Posted by Gary59 on :
NCC $3.29 pre-market up again I wonder if it will stay up again today...Looks like everything is trading up pre market today so far...But its only 9 am ....
Posted by leatherssonny on :
im still in at 2.48....thinking should hold. Only have 820 shares.
Posted by Gary59 on :
I am not telling you what to do leatherssonny, but I have flipped NCC the last few weeks for small gains and have been able to stay safe in this market because you never can tell what will happen from one day to the next, and I do not have a margin account now so I can trade more often ,but if you can I would suggest having a margin account , not to use the margin leverage but to be able to flip your shares faster in this market.Being able to get in or out a quick as possible in this market situation can make all of the difference in the world , I am adding margin account status to my account next week so I can trade faster.. I dont know what type of account you have and who you have it through, but that is my recomendation.. I am just giving my opinion on this and do your research on all of this BEFORE you pull the trigger on any opinion that I have. I am still learning and just got back into the market this september when all of the crap hit the fan, And I would HIGHLY recomend spending a few days reading all of the research threads here on allstocks forum and ask as many questions as you can to keep you out trouble, Because I know first hand you can come back to your account one day and notice half of your money gone before you have a chance to salvage it.. There are tons of good traders on this site that are more than happy to help you out.. I found that they are more than happy to even take PMs to get a better idea of what their opinion is . Sorry for the long post but I dont want you to make the same mistakes I did and lose as much as I did when I started... And anybody chime in if I said something wrong.. Good luck on monday
Posted by invester on :
Fifththird and NCC on deck for earnings tomorrow morning.
Posted by Gary59 on :
NEWS::::
DOW JONES NEWSWIRES
National City Corp. (NCC) and Fifth Third Bancorp (FITB) delivered more bad news from regional banks as they reported third-quarter losses amid large credit-loss provisions and worsening credit quality. Still, the Ohio banks managed to improve their results from the second quarter, when both companies had even wider losses. Nonetheless, National City announced plans to cut 14% of its work force, or 4,000 jobs, as it moves to cut $500 million to $600 million in costs by 2011. The results come as investors remain worried about how the regional banks will make it through the financial crisis when their larger counterparts, considered better equipped to withstand troubles due to their expansiveness, have fallen victim to the credit crisis.
National City 3Q Net Loss Widens From Year Earlier
National City posts its fifth-straight quarter of red ink amid mortgage-related losses for the embattled bank, which has formed a $21 billion "exit portfolio" to manage loans remaining from exited business and discontinued products separately from its core retail banking. Its third-quarter net loss was $729 million, or $5.86 a share, compared with a prior-year net loss of $19 million, or 3 cents a share. Revenue - tax-equivalent net interest income and noninterest income - fell 18% to $1.41 billion. Analysts polled by Thomson Reuters were expecting a loss of 31 cents a share on $1.72 billion in revenue. The company, which has more than 1,400 branches in nine states, recorded $1.2 billion in loan-loss provisions, down 25% from the second quarter but more than triple the prior-year amount. Net charge-offs - loans the bank doesn't think are collectible - jumped to 2.67% of total loans from 0.54% last year and 2.61% in the second quarter. Nonperforming loans - those near default - climbed to 3.19% from 1.08% and 2.74%, respectively. Net interest margin, the difference between interest earned and interest paid out to depositors, fell to 2.99% from 3.43% a year earlier. The bank's Tier 1 capital ratio rose to 10.98% from 6.78% a year ago and 11.06% in the second quarter. National City, for years a conservative commercial lender until it made a nationwide push into subprime and home-equity loans, is still considering whether it will seek to participate in the U.S. government's program to provide new capital to the nation's major banks. Analysts and company executive have said National City has more than enough capital to handle the mortgages on its books, yet rumors persist that it may sell itself. The fact that the bank has been hobbled by loans has led investors to draw connections between it and other banks that have recently failed or agreed to sales to larger companies.
Fifth Third Bancorp Swings To 3Q Loss
The Cincinnati bank - a Midwestern stalwart that, like many rivals, expanded into hot markets such as Florida during the housing boom and is now paying for it - swung to a net loss of $56 million, or 14 cents a share, compared with prior-year net income of $325 million, or 61 cents a share, a year earlier. The latest results included a net 10 cents in charges. Revenue climbed 24% to $1.79 billion. Analysts polled by Thomson Reuters were expecting earnings of 18 cents a share on $1.66 billion in revenue. The bank's loan-loss provision soared to $941 million, up nearly sevenfold from a year earlier 31% from the second quarter. Net charge-offs - loans the bank thinks are no longer collectible - rose to 2.17% of average loans and leases excluding those held for sale from 0.60% in the prior year and 1.66% in the prior quarter. Nonperforming loans, those in danger of default, increased to 3.3% of total assets from 0.92% and 2.57%, respectively. Net interest margin, the difference between interest earned and interest paid out to depositors, fell to 4.24% from 3.34% last year and 3.04% in the second quarter. National City closed Monday at $2.92, while Fifth Third ended at $12.23. Neither was active in premarket trading. -By Donna Kardos, Dow Jones Newswires; 201-938-5963; donna.kardos*dowjones.com
Posted by PCola77 on :
Wow, just crossed the wire that they got bought out for 2.23 a share. Down huge. Interesting. I wonder if there's more to it.
Posted by rhwdetroit on :
Reuters PNC to buy ailing National City for $5.6 billion Friday October 24, 10:10 am ET
NEW YORK (Reuters) - PNC Financial Services Group Inc (NYSE:PNC - News) agreed to buy Ohio's National City Corp (NYSE:NCC - News) in a $5.6 billion transaction that would save the ailing Cleveland-based bank.
PNC said the transaction values National City at $2.23 per share -- a value roughly 19 percent below the Thursday closing price of $2.75. Each National City shareholder would receive 0.0392 PNC share for each National City share.
National City has been hit by home loans it held onto after selling its First Franklin Financial Corp subprime mortgage business to Merrill Lynch & Co Inc (NYSE:MER - News) in 2006. Acquisitions of two Florida banks in 2006 and early 2007 also hurt National City.
In April, National City raised $7 billion of capital from private equity firm Corsair Capital and other investors, but that extra capital was not enough to save it. Regulators have been pressuring National City to sell itself for months.
Pittsburgh-based PNC would buy National City with about $5.2 billion of its shares, and $384 million of cash payable to some owners of warrants. PNC plans to sell $7.7 billion of preferred shares and warrants to the U.S. Treasury under the Troubled Assets Relief Program.
National City posted a $729 million quarterly loss earlier this week. In an interview on Tuesday, Chief Executive Peter Raskind told Reuters the economic environment remains tough. "It probably gets worse before it gets better," he said.
PNC expects the transaction to close by the end of 2008. Citigroup, JPMorgan, and Sandler O'Neill advised PNC, while Goldman advised National City.
Posted by invester on :
The CEO is an IDIOT!!!!! "We will do what's in the best interest of the shareholders". "We intend on creating wealth for the shareholders" "we are of the best capitalized banks out there"
Posted by metal1 on :
quote:Originally posted by metal1: I can't imagine much of a premium considering most of the deals lately have been take unders. i have been know to be wrong though, haha.
Not really a surprise when you look at the other deals that have been done. Like i said earlier, most have been take unders. still too many bad assets on the books. you're getting stock in the new company so a long term hold could work out in the end.
Posted by invester on :
Those banks were in peril. NCC by the CEO's own admission was "well capitalized.
Posted by invester on :
Last week
DJ National City Mulling Participation In Government Plan
. By Ralph E. Winters For DOW JONES NEWSWIRES
CLEVELAND (Dow Jones)--National City Corp. (NCC) is still considering whether it will seek to participate in the new government program to provide new capital to the nation's major banks, said Peter E. Raskind, chairman, president and chief executive.
The bank is "very well capitalized" as the result of a transaction last April that provided $7 billion in new capital, Raskind told a meeting of Cleveland securities analysts Wednesday.
In fact, as of June 30, National City Bank was "the most strongly capitalized" of the nation's large banks, he said.
However, the definition of a strongly capitalized bank "may creep up" as a result of the additional capital being injected into leading institutions, he said. National City will consider that as well as implications for the company's shareholders before deciding whether to seek participation, he said.
"I am actually quite optimistic about the future of the company," Raskind said, while "not glossing over the challenges we face."
Posted by invester on :
This guys a joke. His comments are misleading and irresponsible.
Posted by metal1 on :
thats what the bear stearns and lehman chiefs thought too. seems like forclosures where coming faster than incoming capital infusions in most cases. like WAMU, their problems caused a classic run on the bank despite the new capital they received just a few months before. their capital ratios crapped out and the Fed stepped in. you're still getting new stock so if the company really is in good shape then it should pay in the long run. interesting times.
Posted by invester on :
quote:Originally posted by metal1: thats what the bear stearns and lehman chiefs thought too. seems like forclosures where coming faster than incoming capital infusions in most cases. like WAMU, their problems caused a classic run on the bank despite the new capital they received just a few months before. their capital ratios crapped out and the Fed stepped in. you're still getting new stock so if the company really is in good shape then it should pay in the long run. interesting times.
Yes, but that was before government intervention. Those banks went under before all of the infusion. He just stated that he may take the government up on there offer to lend them money. I think he was trying to use the media to boost his stock price. Either way, it was at the very least deceptive.
Posted by metal1 on :
quote:Originally posted by invester:
quote:Originally posted by metal1: thats what the bear stearns and lehman chiefs thought too. seems like forclosures where coming faster than incoming capital infusions in most cases. like WAMU, their problems caused a classic run on the bank despite the new capital they received just a few months before. their capital ratios crapped out and the Fed stepped in. you're still getting new stock so if the company really is in good shape then it should pay in the long run. interesting times.
Yes, but that was before government intervention. Those banks went under before all of the infusion. He just stated that he may take the government up on there offer to lend them money. I think he was trying to use the media to boost his stock price. Either way, it was at the very least deceptive.
yes, but the gov deals are extremely dilutive in most cases so the stock probably wouldn't go anywhere with that either. either way, it's over now.
Posted by BuckeyeMatt on :
NCC is currently trading at a premium to the PNC proposed buyout price... Wondering if anyone knows the possible reason(s) for this?
Posted by Rockster on :
quote:Originally posted by BuckeyeMatt: NCC is currently trading at a premium to the PNC proposed buyout price... Wondering if anyone knows the possible reason(s) for this?
Well the price of PNC stock could increase, increasing the value of the NCC stock holders. Second it's not finalized for a month or so. There was a recent bid for a bank W.... by Citi and then was bought completely by someone else for multi times the original.
_J
Posted by BuckeyeMatt on :
That is exactly what I was thinking. Today is the first day it traded at a premium since the announcement. I think I'll hold a little longer and see what develops...
Posted by invester on :
Arbitrage
Posted by BuckeyeMatt on :
Arbitrage indeed, but currently offering a negative premium on your investment. I think I'll stick to more positive arbitrage spreads like the Huntsman/Apollo or the Fording/Teck deals.
Posted by BuckeyeMatt on :
Are there any other merger/acquisition investors here? I'm curious what you're playing.
Posted by invester on :
quote:Originally posted by BuckeyeMatt: Are there any other merger/acquisition investors here? I'm curious what you're playing.
I have a thread for my buyout candidates under the Hot Stocks Forum.
Posted by Rockster on :
quote:Originally posted by Gary59:
Well said. Cant find anything wrong with this.
Posted by Gary59 on :
Hey Rockster,,I had posted then noticed I was on the wrong thread, cant delete so i cleared it.. Havent seen you around a lot you must be busy ..
Posted by Rockster on :
quote:Originally posted by Gary59: Hey Rockster,,I had posted then noticed I was on the wrong thread, cant delete so i cleared it.. Havent seen you around a lot you must be busy ..
Im here and there. Have my portfolio set up the way I like it for now. Throw in a few new ones or quick buy sells. Around once a month, more frequently on occasion. Had my kids over last week, so tried to stay off.
If the market goes up, I'm set. ABK, XLF (financial) and a few other main ones. plus a boat load of pennies.
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