Who could have known? It isn't like any of us is in Bernanke's speed dialer. These news based moves often correct themselves not long after the release. In the longer term, EW will play out as it is based on the two most fundamental aspects of the financial markets, fear and greed.

While this news is, on the one hand, a positive for CRE as it gives a green light to banks with large CRE positions to cook their books, it may also signal that the Fed will not intervene further in the form of even lower standards for accepting CRE debt as collateral and less liklihood of doling out more cash for RE clunkers. In fact, it may eliminate that possibility. It also screams to me, "buyer beware" in terms of being a shareholder in an affected bank. How will I know if the bank stock I buy is backed by legitimate books kept in accordance with prudent accounting standards? I have to think other investors will be asking the same question. So, the initial good news may in fact be not so good news longer term.