Considering dividend is paid in stock...what does it matter with regards to cash flow...and, I bought in at the 7.10 level, so I am not too worried...I hate to see profits disappear, but that is the nature of the beast.
And DC...have you even taken a look at STD's financials? Your bearish sentiment is nothing more than contrarian rhetoric. Cash flow, capital ratios, and provisions for future losses contradict your opinion. While the bank is definitely levered, I wouldn't call it over levered. What bank operates without leverage? Loans are assets to a bank and lending low cost funds is how they make money. They are one of the few banks out there experiencing loan growth right now which should bode well for them in the coming months.
While I agree with your thoughts that February will be "dicey," I don't agree with your rationalization. If you were right...today would have meant a broad sell off due to the earnings miss. I think we push higher from here for a bit, baring any additional EU/Greece drama, with some profit taking along the way.