There was a fairly complicated "derivative" play on the monolines, and I outlined it for you on Sunday night. It's a bit complicated, so you may have to re-read the entire post if you didn't understand what I was talking about.
On June 18 on the night of his speech, (FSA, which is a wholly owned subsidiary of Dexia) FSA debentures(ticker symbol FSE) were at 19.72. Friday they closed at 9. You can't play credit default swaps on FSA, so this is the way to play the recovery in market psychology in FSA without having to read 150,000 documents.
You just need to read one.This post.
Today, Dexia said that they will pull out of the asset-backed security business, and will inject $300 million in FSA.
And FSE, which I wrote about at 9, closed today at 11.70, up 30% in three days.