Early conclusion.. but well, ydays action was a dead cat bounce!!

The market opened with a ~ 200 point gain, but by the end of the day, the market ended ~60 points down. Well, it might be a profit taking from ydays rally, or the wait-and-see approach as tomorrow some of the financial institutions have their earnings release date.. JPM, WFC... Should be an interesting day tomw.

Verizon has trouble getting the committed capital for the 28.1 Bn acquisition deal of Alltel. Seems every one - hedge funds, PE firms, banks, Soveriegn Wealth FUnds are hoarding cash.

The American Bankers Association asked the Securities and Exchange Commission on Monday to override accounting rule makers’ new guidelines on mark-to-market accounting, saying they still relied too heavily on distressed asset values. Another step away from the definition "free-capital-markets". It is the bankers who vouched for mark-to-market accounting when the asset valuations were shooting through the roof.. Now that there is no market for those toxic derivative products they want the rule to be evoked. Ironical is the fact that why now are the banks worried when the treasury is willing to buy 700Bn (now it is 450 Bn as 250Bn is put aside to buy the preferred stock of banks) of bad assets from banks??? May be, 700Bn is not enough to cover the BAD assets!!

Lehman CDS data point: The payment calculations so far performed by the DTCC Trade Information Warehouse (an electronis exchange where the CDS are settled) relating to the Lehman Brothers bankruptcy indicate that the net funds transfers from net sellers of protection to net buyers of protection are expected to be in the $6 billion range (in U.S. dollar equivalents). That is way below the $250 Bn figure that is floating around (even I quoted the same number in my prev post). If thats the case, I guess the problems regarding the Lehman bankruptcy are overblown and the "recovery" or stalibilty shlod occur sooner than the estimates..

Oil trading at 79 dollars.. national average for gas is $3.16 and expected to lose another 20-30 cents. This I guess, is the greatest stimulus package that anyone can ever expect!! :).. Will save millions of dollars from tax payers pockets!! - Another reason why the recovery should be sooner.

Earnings :

INTC (Intel) reported today after the market close. Reported 35 cents estimates being 34 cents. 

Genentec Reported.. Revenue line beat the estimates but earnings did not.. 

I thought I will start writing about the earnings report as the earnings has started. but.., my schedule seems tight to properly end the post.. Should change it.. I write more than half of my blog before I leave the offcie. After I come home the time just flips past.. I watch an episode of "two and a half men", chat with Sammie and Harish,, go for a jog, come back, eat, watch part/full Sammie's movie of the day,spend some time over the phone .. and thats it -- its freaking bed time.. Either I should start scribbling early, or I should squeeze my bed time!!