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Random Thoughts: Does the FASB Change "Matter"?


Vote will buy time for banks.

  • Monkey? I'm a gorilla you clown!
  • The bovine tone from yesterday-the "higher low" vibe we shared-continues, at least for the time being.
  • "Trend rally in a bear cycle" is also known as a "bear market rally." I've allowed for this in my approach but where you stand is where you sit.
  • Don't confuse the world we live in with the tape we trade. Two difference conversations.
  • Isn't it enchanting? Please note that FASB voted to delay the off-balance sheet rule change. This quiet "push out" will buy time for trillions of dollars in off-balance sheet assets at banks.
  • Minyans would be well to remember that the Level III accounting concerns were one of the early warning signals we flagged for the financials in the fall.
  • Yes, this delay speaks to "qualifying special-purpose entities" (QSPE) but the shift in posture warrants a mention nonetheless. There are no silver bullets, we know, but perhaps there's a silver lining. At least, for a trade.
  • Flies in today's upside try? Google (GOOG), the homies, retail and automobiles.
  • Automobiles?
  • Mirror image? Just as we expected a downside test yesterday (after the fugly Monday), we saw the same today the other way (following Turnaround Tuesday). Ips probe facto, and as some opening gaps filled, we'll get a truer tone.
  • Is that a $700,000,000 ,000 swing in eight years? It would be funny if it weren't our money.
  • One of my smarter "tape trading" brothers keeps putting MBIA (MBI) and Ambac (ABK) on my radar for an upside trade. I nibbled on the former-small, and for a pure trade-and while we don't "do" advice in the 'Ville, I wanted to toss it on ye radar.
  • Mr. Practical and I squared off for some midtown bocce last night. Take me at my word that he's a better person than he is a professional and that's saying something. Minyans (present company included) are lucky to have a window into his stream of consciousness.
  • This morning's news from the Federal Reserve? Same ol', same 'ol...
  • I can't shake this song from my head and now, through the magic of Minyanville, neither can you!
  • Asterisk Central! Remember the "crude to par into the election* mandate? It was/is contingent on a status quo situation in Iran. That, it seems, is far from a given.
  • Talk about a character shift. One month ago, the Iran news would have Texas Tea up a quick finski.

  • Pork bellies, which are used to make bacon. Which you might find in a bacon, lettuce and tomato sandwich.

  • In the interest of communication and forthright disclosure, I sold my Wachovia (WB) calls (slapped on yesterday morning). 30% overnight, trough to peak, is tough to sneeze at (not that I caught it all with a full position).

  • I've rotated my risk into some other financials for a tight trade, including Citigroup (C), with a conscious nod that if they're forced to mark-to-Merrill's market, we could see another hefty write-down.

  • My motivation was the FASB shift and I'm yet unsure if I plan to trot home with that risk.

  • Hoofy and Boo continue to sit on my shoulders and whisper "Stick and move, Winky, even if you're confident. Discipline over conviction." True dat.

  • Extreme Home Foreclosure?

  • Pep stepped to the small screen stage to talk through his tremendously awesome Mr. T Gold Indicator. Shine bright, young buck!

  • Buck? No, Del!
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Position in C, MBI.
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