I thought today was encouraging since there was a convincing move above 741 on the S & P 500 index. This was the intra-day low from 11/21/2008.
It was the break of that 741 price that caused me to suspend trading, a rule that I also started to flagrantly violate last Monday. Buys of CPB LQD SYY XKK/Regressive Taxation-Cap & Trade/ Buy of HNZ at 31.67/Tax Advantages of Equity Preferred Dividends/Foreclosure Acceleration/Disney Downgrade by Pali/Cap & Trade/NADXI have kept violating the trading prohibition for every day so far this week. As I am fond of saying, my right brain has somehow managed to gain control of the trading desk based on whatever instincts and "feelings" that is the core of its modus operandi. This happens from time to time and is never predictable. It is something like a war with myself, two entirely different people operating in the same space. The normally extremely dominant rational and reasonable left brain will seize control of the situation soon and bring order to what it views as the current haphazard, out-of-control chaos.
Ken Lewis is sticking to his story that Bank of America will not need any more funds. He also asserted that BAC would earn close to 50 billion in 2009 before provisions. WSJ.com I would certainly agree with him that those advocating nationalization of a large bank like BAC do not have a clue. B. of A. chief says bank doesn't need more U.S. aid - MarketWatch Stocks To Watch Today : Bank Of America Joins Parade, Says Sees Profit This Quarter
FASB said that it would issue guidelines in 3 weeks to ease the rules on mark to market. This is important for the banks. Yahoo! Finance