Crosstex (XTXI) is a penny stock now trading at 88 cents with Crosstex LP (XTEX) is down 43 cents at 1.25. Now while Crosstex is no Kinder Morgan its no slouch either. And look how the mighty continue to fall. There is so much damage on the tape that you wonder whether any of these companies will ever come back. Dow Chemical at 6. GE at 7. Alcoa at 5. Citigroup at 1. Its like 1974 all over again with the nifty fifty collapse only this time is different...its the entire financial system's survival that remains in play.

Sad Sad time. And Louise Yammada yesterday says 6500 on the dow is her first downside target and then we have to start talking about 4000 on the dow...400 on the S&P. So another 40% haircut from here? I would hate to think what the world will look like under that scenario. See you in prision! This is from an interview back in November.

About the only thing left that maybe is working is gold. But think about this. If all asset classes are going to zero and you have nothing left to sell, and you have to sell something to survive..then you also have to sell gold. Maybe thats why its down 25 bucks today. When you gotta sell...you sell what you have. And they are basically now selling grandmas jewelery!

Speaking of selling..dow is dropping now by 40 points as we head into the close. Mlps down nearly 7. That 150 November low looks like its doable if the overall market continues to collapse.

Here is a free Barrons piece on yesterday's technical action and what it might or might not mean.