I am still swamped with items that need my attention and expect to be posting normally as of next week. Once again my apologies to my readers.
As most know we have suspended mark to market for all intents and purposes. I realize that Barney Frank, Steve Forbes, Larry Kudlow et al are jumping for joy with this news. For those that missed this, of which I am one, I am grateful to Tyler over at Zero Hedge for bringing it to my attention. The "it" of course is his post on the news that the FHLB Chairman Disgusted with FASB Accounting Alchemy, Quits.
Fans of the NCAA college basketball tournament known as March Madness, which by the way concludes this weekend, GO STATE !!. should be very familiar with one of the best basketball announcers in the the biz, Bill Raftery. They should also be familiar with one of Raf's best one liners in which he hollers "onions" when a player makes a big shot or play at a critical juncture in the game. The onions reference is to the players, manhood.
I bring this up because upon reading the news of Mr. Charles Bowsher's resignation I hollered out "ONIONS" in my best Raf imitation.
What does one say or do about the current market machinations other than stand aside and let the party wind its course. I wish all those delusional enough to put faith in this rally as some type of turnaround all the best.
I don't know what else to say when this rally looks by all evidence to be predicated upon hopes, dreams and delusion. Yes I know I saw RIMM's numbers but I also saw the employment numbers or lack thereof. I also see what is transpiring in the commercial real estate arena. I also see what the REIT's are doing namely stock offerings into this rally and PIK's, which is the payment in kind of interest due on bonds with, hey what the heck, more bonds. Since we can't pay the interest in cash since we don't have enough of that but hey this is just a temporarily distressed market right ??!!
I was stopped out of all my positions yesterday as follows;
2 units SRS at $49.75 for a nominal loss on 2 units.
1 unit EEV at $35.60 for a loss of just over 3 pts on 1 unit.
1 unit FXP at $22.95 for a loss of 2 1/4 pts on 1 unit.
1 unit of MSFT at $19.50 for a loss of just shy of 1/2 pt on 1 unit.