Aside from Lehman blowing up 15% today and short-seller accusations, unbelievable developments with UBS up 10% on a day they lose $20 billion. In reference to today's post, Centex has found suckers, err, land partners in Cali and Nevada on a joint venture. The deal is worth $161 million, estimates are that they made back $.18 on the dollar, nice! Furthermore, Centex had valued this land at $528 million on their books. This should lead to immediate markdowns on other land assets. Also, the Frank bill is moving right along into the Senate and might make it through now that is has stripped judges of the power to rewrite loans in bankruptcy. In addition to helping homeowners, the bill will allow homebuilders to receive huge tax refunds. XHB up 7% today...we might be too late! Let's wait for a better entry point though, and 2010 still looks attractive as we might get the double bump of bailout and a true turnaround. Failed in my limit order to set up a strangle on NCC as they met with GS today. My thought is either they will be sold in pieces or be acquired. A decision may have to be made before earnings on 4/22, so I may severely shorten my time horizon.