SEC/FASB reviewing "fair accounting"

The market is rallying because there's talk the SEC and FASB will change the accounting rules -- perhaps if the accounting rules were different, none of this would have happened in the first place.

The main problem with most of these solutions is they are taking a problem like loose credit and solving it by creating a looser set of rules.

At any rate, this is one of them there vicious rallies I was talking about. It's the last day of the month. Rallies will cause a lot of psychological pain for portfolio managers who will not participate in the upside.