that would be the "duh" advice for the ages. FAZ is not the play currently - and may not be the play for a couple more weeks, BUT at some point the fantasy of banks making money, while simultaneously carrying the dead weight of billions in toxic assets will come down to Earth.
Conventional advice would simply dictate to avoid the short side of financials until they are no longer supported by the machine. The fact that BAC can dilute it's shareholders and continue to gain in valuation is about all you need to know... especially considering that BAC accepted all of Lehman's bad debt at an unbelievably high price - of course don't forget that the two had great synergies because their investment strategies didn't overlap (I still laugh at that one).
We're getting to the point now where everyone has figured out that the fed is in bed with the banks who are in bed with the analysts who are in bed with the news heads. Only really stupid people are listening to them. And very very shortly, they all will loose their credibility and markets will correct and correct hard and fast.