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UPDATE: Stocks Could Skyrocket After March 12th
Posted By:  Mr. XXX
Topics:Stock Market | Stock Picks
Sectors:Financial Services

Investors such as Jon Najarian are hopeful that stocks could soar next week. They say we could see an explosion to the upside after a meeting
scheduled for March 12th. On that date, a House financial services subcommittee plans a hearing on mark-to-market accounting rules, which have been blamed for forcing banks to report billions of dollars in write-downs.

If that meeting results in the government relaxing mark-to-market rules, optionMonster Jon Najarian thinks the stock market could explode. On
Wednesday he told us, if the government relaxes mark-to-market for 12 to 18 months you could see financials move 100% in a matter of hours.

Background
U.S. industry groups have urged the SEC and FASB to significantly alter or suspend the accounting rule, saying it is undermining the government's multibillion-dollar effort to stabilize the financial sector.

Mark-to-market accounting requires assets to be valued at current market prices. Some banks say it forces them to mark down assets to artificially low prices in the current financial crisis, even when banks intend to hold the assets past the current reporting period.

What's the trade?
Jon Najarian suggests a higher risk play he suggests long the Financial Bull 3x ETF [FAS  2.64    -0.11  (-4%) ]  which is triple long ahead of the mark-to-market hearing.