Hedge funds liquidating their leverage into cash due to credit market issues. Everyone breathe and look for buying opportunities, that's what the firms with capital are doing.
At least one more leg down to go - bottom is getting in sight but there will still be some wiggles before it can start to going up again. Need to shake out those last few hands. Maria
Covered additional Long Term Rydex 200% Inverse S&P500 positions today that I have had since fall 2007 (as I have mentioned in other threads)......protracted decline has been very profitable for those who "bet" on the blowout.