Markets:

Is it over? Who knows? As a guy who has traded futures for twenty years let me tell you that nobody in their right mind will stay in positions over a weekend. Too much can happen in places we don't know exist, meaning that a market can open on Monday a hundred or more points off Friday's close. Keep in mind that there is very good news out there and plenty of cash on the sidelines and the institutions will eventually jump back in with a vengeance because they will see "cheap" stocks.

A couple of emailers reminded me that this market hits the very large stockholders very hard. Unless it snaps back they will postpone purchases of ultra luxury cars, yachts, and perhaps vacations to those $25,000 per week hot spots. And don't forget gasoline prices, which are inexplicably falling in LA; under $3 for the first time in months. While crude prices rise???