I see futures down a lot S&P 20+ points, Dow 120+
S&P says total losses from RMBS, CDOS for financial institutions will eventually reach more than $265 bln - Reuters
Says expects upward revision of losses from some large european banks. Expects losses in the U.S. to move to regional banks, credit unions, and FHLBS. Expects outlook changes or one-notch downgrades for selected, especially thinly capitalized banks. Says downgrades will have implications for trading revenues, general business activity, bank liquidity.