glad to be of service. i actually bought the fas options. spent $650 and have $20K upside if it goes to $12.50 in the next week, which it could if this goes through. it is triple levered. now i am not recommending anyone to do this , but if this is really going down, it could be big. the financials were up huge today. good luck
lol, dramatic, maybe, but at one point it was at $2.96. also up in after hours. also wfc and bac up 17% and 19% respectively. with the market down 1% and close to 2% on tech. cmon, that is huge. and all because of this meeting. they know they have to suspend it, i missed all the other rumors, cause they were rumors, this is a real meeting that is going down and the purpose is to suspend it. dont sleep. and if it dont work out, still should make some dough. xlf is double leverage i am playing fas TRIPLE
i am a little concerned. this "sure thing of +100-200% return" on financial ETFs is all over the web BUT financials barely moved. what am i missing here? am i the only one who can read?
Mark-To-Market Catalyst? One source of good news for investors over the following week is the upcoming hearing on a bill sponsored by Rep. Ed Perlmutter (D., Colo.) and Rep. Frank Lucas (R., Okla.) that seeks to create the Federal Accounting Oversight Board, a new government body that would wield the power to change the so-called mark-to-market accounting rules. A House Financial Services subcommittee has scheduled the hearing for Thursday. The proposed FAOB would approve and oversee accounting principles and would be comprised of the Treasury secretary and the heads of the Federal Reserve, the Securities and Exchange Commission, the Federal Deposit Insurance Corp. and the Public Company Accounting Oversight Board. Currently, the Financial Accounting Standards Board oversees accounting changes and has been blamed for introducing FASB rule 157, which established the mark-to-market rules. Many investors argue that the lack of timely and effective action on mark-to market accounting in particular has been a key factor in exacerbating the current economic crisis. The American Bankers Association has thrown its support behind any measure that would help alter the current mark-to-market accounting rules. The ABA argues that financial institutions have been forced to report market losses rather than economic losses, resulting in a continuous downward spiral of market prices and further losses. "The Perlmutter-Lucas bill represents much-needed reform that will help address systemic risks that accounting standards can have on the economy," said Edward Yingling, ABA president, in a statement. "This bill also calls for a proper cost benefit analysis before changes are made to accounting standards." While there is hope amongst market participants that a change to mark-to-market accounting rules would come swiftly and offer some relief to trouble institutions, Lydon warns investors not to get too excited yet. "The question is whether it'll happen quick enough or not," he said. "The mark-to-market rule isn't going to change soon. Hearing and talking about it may be positive and may actually buoy the market to some degree, but it won't help the dire situation a lot of these companies are in."
Well, I guess we should probably take our lead from the above paragraph. That said, I've been trading the hell out the SKF and SRS and I can tell you first hand, they're getting a little tired. This market is headed lower but I smell a rally ... any rumor from a reliable source will set it off!
Suspending mark to market would do absolutely nothing. It's no wonder they don't support suspending it...