Worldwide Crisis Of Confidence

Good morning. Markets around the world are under heavy selling pressure this morning and premarket futures indicate we're set for an approximate -2% gap down at the open.

Over the weekend, Europe didn't reach an accord on bailouts and instead each country is handling the fall outs on their own. In addition, no coordinated worldwide interest rate cuts have been announced which is what people wanted and expected over the weekend. In response, the Fed just announced that it will add up to $900 billion dollars of liquidity in the market among other measures but still no rate cut.

Premarket gainers: SLXP, IRF, SIL, IMCL, PGNX, FEED, GOLD, UIS, EBAY, GSS, IAR, EGO, HL, & AUY.

Premarket losers: FRP, FMC, FNM, FRE, RBS, LNCR, TMA, ATPG, JNY, ALJ, SDTH, NCC, MT, POT, SOV, IMMR, CLNE, SOLF, JASO, FLEX, AIG, BCS, BAC, ETFC, WB, C, AAUK, FSLR, ALU, GE, DRYS, CLR, SID, TRN, YZC, & KEY.

The economic calendar has nothing on it today, so trading will be impacted by any new headlines from the Fed and the whatever headlines we see regarding the financials. With the market closing at its lows on Friday and this morning's gap down, at a minimum we'll need to see the opening levels hold this morning.

In spite of all of the gloom and doom, let's go make it a great week!