Financials, see ya Thursday!

On Friday, October 3, 2008, the President signed the historic Emergency Economic Stabilization Act of 2008 (HR 1424), aimed at stemming the credit crisis [Good luck with that — Ed]. Accordingly, the Commission’s Emergency Order that prohibits persons from selling short the securities of financial institutions will expire at 11:59 p.m. ET on Wednesday, October 8, 2008.

Statement of SEC Division of Trading and Markets
US Securities and Exchange Commission
Oct. 3 2008

Although it would be much appreciated if the “values are compelling at these levels” crowd could run these mutts, and their assorted hangers-on — including such economically critical enterprises as Sears Holdings Corp and Zales — back up in the meantime. Not-nearly-so-Wells-as-they’d-like-you-to-think Fargo (WFC) at nearly $45 and Capital One (COF) at over $63, their mid-September Cox-manipulated highs, would do nicely.