Direxion 3X Russell Funds (TNA)

[RonnieD]

I am long FAZ overnight, and the banks are going to open slightly down. Window Dressing is over and some funds will sell.
by noon i will be out of FAZ, however..
because they will rally the turds for M2M.
I will not touch FAZ until after bank earnings. Guys, the accountants are bought and paid for. With M2M loosening retro-active to the 1st Q, they can use "significant judgement" in determining their own values for these "assets". Artificially inflated earnings are possible. You do not want to be long FAZ tomorrow and for the next couple weeks if adjustments are made to M2M.

Now, if M2M changes fail, that's another story.
The FASB meeting starts tomorrow at 8am.