Wow! $10.50 a share...I guess there are more than few people happy about the resurgence of MKTX's stock price.

Rick McVey: staring at $4.50 back in the fall must have been pretty scary...now that his holdings have doubled what a pity he has to give half of them away.

Kelly Millet: although IMATULS keeps referring to Millet as a women, I am pretty sure its a guy (the same one who was "asked" to resign from his post at Bear Stearns). He's got to be happy because it was looking as though his tenure as President and heir apparent :) was shaping up as a failure...phew, what a relief it hasn't been.

Nick Themelis: the high school graduate turned CTO is only a few bucks away from breaking even on his stock awards; good thing he convinced McVey to up his cash comp to $800K (or whatever ridiculous amount it is) in 2007.

Jim Rucker: based on what I've read about his compensation relative to others in management, he needs every penny his stock position will yield.

Despite what some hair brain analyst on the Street said, major analysts are seemingly downgrading this stock because of its declining marketshare. While IMATULS tends to inject humor into his posts, his recent analysis on their fundamentals seemed spot on. Competitors are rapidly entering the marketplace in both cash and OTC derivs (where they have failed miserably...sorry, Kelly). Despite a resurgence in corp bond volumes and an increase in MKTX volumes, their marketshare has fallen, indicating they have LOST traction. Average trade size is down, and while their revenue keeps pace through the addition of more dealers, the dealers they are adding are bound to go away as the marketplace reverts back to bulge bracket firms providing balance sheet and capital to key institutional accounts. As MKTX once destroyed the regional dealer market, so will electronic trading do it again, only this time around I think MKTX will be fighting over the space instead of dominating it. Cash on books is valuable, but core business is virtually worthless. Connectivity to clients is valuable, but likely to decay. It looks as though McVey is trying everything in the book (except growing his company) to dress this swine up and put some lipstick on it.

Target $7.70-9.20