Condor Options

• Famed Fidelity manager Anthony Bolton explains that we’re nowhere near the end of the credit crunch. I think the word “cancer” was used. [Telegraph]
• A very clear and friendly slideshow explaining how collateralized debt obligations (CDOs) really work. It’s almost fun! [Portfolio]
• The Guru Grades were just updated. Of note: Bernie Schaeffer in Businessweek has a pretty bad track record, even worse than Jim Cramer (45% vs. 48%). Kind of surprising that Ken Fisher does so well (70% accuracy). [CXO Advisory]
• So where’s the ETF that buys ATM LEAPs on Ken Fisher picks, already? If you think it would be absurd to create such a product, just read ETF Trends for a day or two – the ETF market passed the point of absurdity long, long ago. The site itself is great, we’re just wondering exactly who is going to buy that Double Ultrashort Smallcap Dividend-weighted Non-solar Alternative Energy Southeast Asia ex-Brunei Fund that’s probably coming down the pike. [ETF Trends]

P.S. Dow futures are down 54 as this post goes out (2AM EST).  Could be an interesting day tomorrow.  On the other hand, the Fed could continue to makes themselves look utterly silly, which would not be interesting in the slightest, but rather par for the course.