SELLING CONTINUES

WAITING FOR THE CLIMAX!

Hate putting it in those terms but i suppose it has that "can you please get it over with feeling so i can get some sleep!" The Yen/dollar implosion last night continues this morning. The fed has stepped in with 14 day system repo's which seems a little bit more aggressive. Dow and S&P futures off the lows. Personally i like hard down opens because they have chance of bringing about that selling climax where they can mount a sustained rally. The under 13000 close and the 10% correction point will get press. So we sit and wonder if there is another hedgefund liquidation coming involving MLPS. Watch the 280 level on the index if it gets retested. Thats 16 points from here but if there is another forced liquidation by somebody it can get there in a hurry...and could be another chance to buy on the cheap for the very brave among you.

Okay no news on the corporate front. No upgrades or downgrades. RBC reminds us this morning that Markwest Energy (MWE) is an outperform...which in this market means you might be down less than everybody else! Matrix Research upgrades Terra Industries (TRA) the GP of Terra Nitrogen (TNH) to a strong buy.

Will live blog the open this morning.