1. Citigroup has been saved.
2. Every large financial that could have failed has failed
3. Credit spreads are improving slightly. (Remember: the debt markets led the equity markets.)
4. Counterparty risk is starting to fall.
5. The oil price has fallen by $100 a barrel, which is the equivalent of a $US200 billion stimulus for the US economy.
6. Interest rates are being slashed and will continue to be slashed.
7. Equity risk premiums are at record highs versus bonds.
8. We are about to wave goodbye to George W Bush and his cronies.
9. We are about to wave hello to Barack Obama.
10. The Chinese will implement further stimulus packages aimed at infrastructure.
11. The US will implement further stimulus packages aimed at infrastructure.
12. Australia will implement further stimulus packages aimed at infrastructure.
13. The average Australian with the median mortgage and a car is $454 a month better off due to falling interest rates and falling petrol prices.
14. ANZ and Westpac’s dividend reinvestment plans are coming to an end.
15. The equity raising window in Australia is now shut until after Christmas (QBE will be the last big one).
16. The Chinese cut rates by 108 basis points.
17. The AGM season is coming to an end (no more hose-downs until February).
18. “Scarebroking” is now consensus.
19. BHP Billiton has walked away from Rio Tinto.
20. I have taken Babcock & Brown (BNB) off my watch list.