Just as in 2007, exposure is minimal. The U.S. Has very little exposure to Greece, Italy,Ireland,Spain,and Portugal. Guess what, France and Germany do. Guess what else? The U.S. Has a lot of exposure to both France and Germany. If just one U.S. bank comes out and says they have any sort Of exposure to this mess in Europe, the market will shoot first and ask questions later. Personally, I think the market has about another 1000 points of downside at least. We could go lower but I will be buying long term positions on big pull backs. I just think Europe is a bigger problem than anyone admits. Add that to the fed running out of bullets and we have a recipe for much more downside. The economy is weak and although the media claims the s&p is the cheapest in decades, they can actually prove to be expensive if their earnings are cut. On big pull backs, buy stocks that will outperform for the next 5 years. Stocks like apple and not stocks like Microsoft,cisco,or research in motion. They will be sold like last years out of style sneakers.