The "Big One"

6.2% down so far today
not even lunch time...

VIX and VXO completely off the chart...

Can't do much but watch the carnage at this point... bought some more short ETFs this morning with the cash but other than that just watching in awe. More worrisome than the drop is trying to figure out what will actually bring buyers back into this market. In 87 companies began buying back their stock in massive waves - but with the credit issues out there - maybe companies will hoard cash.

At some point we will get oversold, but now we're 16% below the 50 day moving average, far surpassing anything we saw in all iterations of this correction since summer 2007.

This Monday and last, we are down 15% in 2 sessions so far. Throw this 6% on top of the past two weeks 13-14% drop, and you are at a 19-20% drop in 2 weeks and 1 day. So this is essentially a crash, not all in 1 day - but in 2 weeks. Individual names are far worse than the indexes.

Wells Fargo (WFC), PNC Financial (PNC), and BB&T (BBT) continue to hold up relatively well...