What the Pros Say: Viva FASB, G20

Analysts focused on the modifications in the Federal Accounting Standards Board's proposed changes in mark-to-market regulations, and on the upbeat outcome of the G20 meeting:

FASB decision will help value bank assets, but big bank-stock buys should wait

PNC Wealth Management's Jim Dunigan said the latest action by the Financial Accounting Standards Board will help remove much of the uncertainty that has crippled the markets. In a mark-to-market environment, there was no market for questionable assets; this change will work with the Treasury Department's plan to help place values on them.

Investors can begin buying some of the higher-quality financial stocks, but should wait for the outcome of the stress tests before wading in too deep.

FASB move comes six months too late, but the bulls may be running anyway

Art Cashin of UBS said he doesn't think the FASB decision was as generous as some had hoped, but if it had been made six months ago, the taxpayers could have been spared "a couple trillion dollars." The S&P 500 may have broken through 800, but it will face some serious resistance up around 840-842.

If they get through that, a lot of shorts will be "caught flatfooted;" the lows may still be tested. Financials, the sector that led the last bull market, will not lead the next one.

G20 surprisingly productive, with unexpected agreement on stimulus

Allen Sinai of Decision Economics said the G-20 meeting looks to have been more productive than anyone expected, given the wide disparities among priorities of the world's economic powers. That said, there's more tough sledding ahead for the economy.

Unemployment continues to get worse, and that's not likely to change for some time, driving governments to become more protectionist. Still, the leading-indicator nature of the markets promises a much earlier market recovery.