• World markets are all down 3%-4%.  The Dow was off more than 150 points earlier; if it were to open now it would be down about 130 points.  That would give the Dow a six handle and a significant psychological barrier broken.
  
• The latest saga of the AIG corporate too-big-to-fail bailout is fodder for the let-the-stupid-fail crowd.  The company reported the largest quarterly loss in US history; about $400,000 per minute.
• Oil is down, gold up modestly.
• Not much to do this morning if you don’t have short positions or own reverse ETFs.  BTW, the reverse ETFs are getting slammed for not duplicating the averages.  They seem to work for a day or two but over time their tracking of the averages is out of whack.  Still, it may be better than having no downside protection so I’ll keep my TWM and DXD.
• The snow storm in the Northeast may moderate volume and may be a relief to significant downside.
  

Try to make it a great Monday!