SNB is spearheading a plan to devalue the Franc. It's far too overvalued and putting a giant strain on the Swiss economy. They'll pump huge amounts of liquidity into the system to stabilize it. Japan is doing the same with the yen.

As for equities... today was brutal. BUT, I managed to only lose 23bps today, thanks in large to a short position I currently hold on the Euro financials ($EUFN). Gold skid down today and a good amount of my gains from the previous few sessions went with it. My stop loss triggered for silver and sold off on it. I was a bit upset that I had a static stop loss on it and not a trailing one... lost more of my profits than I had wished. I played a 2-day position shorting Italian bonds and made some money off of it - nothing to be excited about though.

Coca-Cola, a new position I started early in the week, weighed heavily on me, falling over 3%. I took that hard. I'm staying with it in part because of its good dividend, and its (slightly) cheaper valuation compared to its industry. I need a blue chip to buoy me up in case we do hit another recession.

I'm really REALLY interested in getting into Bank of America, $BAC. Their mortgage buybacks are winding down and their legal issues aren't tapping into the bottom line as much as they were the previous years. They DO have a tendency to understate how much they have to pay out regarding all of their legal issues, however, and that puts a hamper on the stock. Regardless, I'll almost definitely open a long position in the bank by 2012. Once it breaks the $10.52 level, and holds, I'll be a buyer.