The banks are being hit a bit in afterhours because of the whisperings that the new mark-to-market moves won't affect the banks.
Those games are so last month.
Here's the WSJ article:
NEW YORK -- Bank analysts are warning that the accounting change approved Thursday morning might be a case of too little, too late.
Bank stocks early in the day rallied as the Financial Accounting Standards Board approved giving bankers more leeway in valuing securities in their investment portfolio. By midday, bank shares had retraced some of their gains, though they remained generally higher.
The rules that forced bankers to mark those securities to market has caused much pain because there were no buyers, and therefore no prices, for collateralized debt obligations and other securities backed by certain mortgages.
The change would not be applied retroactively, and securities on banks' books have been written down aggressively. So, much of the damage has already occurred.
You can take some right now in the afterhour selloff and add to them tomorrow on the dips.