Don't Just Do Something. Sit There!

is the title of a piece by The Big Picture's Barry Ritholtz appearing in The Street dot Com, where he dilineates the impossibilities of picking tops and bottoms in the markets. Don't try to catch a falling anvil is the bottom line. Don't be cute. Wait.

And Bloomberg is echoing Cramer's warning that this is really an insurance crises. Ambec, the biggest insurer of bonds is about to go under and has been stripped of its AAA rating

Without its AAA rating, New York-based Ambac may be unable to write the top-ranked bond insurance that makes up 74 percent of its revenue. Ambac may quit the business or sell itself, said Robert Haines, an analyst at CreditSights Inc., a bond research firm in New York. The downgrade throws doubt on the ratings of $556 billion in municipal and structured finance debt guaranteed by Ambac.

``This makes Ambac insurance toxic,'' said Matt Fabian, senior analyst and managing director at Municipal Market Advisors in Westport, Connecticut. ``The market has no tolerance for a ratings-deprived insurer.'' Falling anvil still falling.