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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.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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