Just Another Day for 'Da Boyz' in the Hood

Wednesday and whatever positive days we’ve had recently is all about 'saving' Wall Street firms. And, trading desks are happy for the extra dough to trade with, so much so that they’re bidding previously sick financial stocks higher using your money (naturally). It’s good to be in 'Da Boyz' club since you have access to basically free money whenever you screw up or just want some.

Here’s what they’ve done.

The SEC won’t let firms’ short financial stocks in the manner they had been doing previously.

At the same time, banks like Citigroup (C) are working overtime to postpone FASB rules requiring them to mark their assets to market rather than to a model to 2010.

Here’s a letter from Citigroup to the FASB with such a request.

So, it’s a team effort to prop and jam markets.

That’s all I’m going to write about today as trading desks and end-of-month tape painters have taken over the market, abetted by the government's direct and indirect interference.

Disclaimer: The ETF Digest is not one of Da Boyz, period.

Need a laugh? Check out this funny video I saw on Barry Ritholtz’s Big Picture Blog.

Comments

[fatcat:]

Don't blame you David..I never saw such crap in 35 yrs of trading!!

2008 Jul 31 06:57 AM

[Scared Stiff:]

Wow, David, I was really looking forward to seeing what you had to say about today. While I'm disappointed that I don't get to see any pretty pictures, i think you summed it up perfectly.

2008 Jul 31 06:59 AM

[Alan von Al...:]

How sad is this? From Bloomberg a few minutes ago:

Wal-Mart said same-store sales in June rose 5.8 percent, the biggest increase in four years, as costumers spent the rebate money on discounted gasoline and food.

2008 Jul 31 08:41 AM

[thumb:]

Great video!!!
tom

2008 Jul 31 08:43 AM

[dc1:]

Hi David,

The video is one of the funniest I have seen in a long time. Thanks for including it.
I, too, miss your charts.

2008 Jul 31 10:54 AM