Nothing much is gong on today.
Ericsson preannounced better results, Circuit City joins the auto makers in falling apart, Yahoo will be laying off lots of folks, chatter is everywhere about how bad the recession is going to be.
Even though this is a big week for earnings, we need a few quiet weeks to let the market settle down, especially since government steps to ease credit are not immediate. Libor is down again overnight, though.
If you are running a hedge fund and are down 20% YTD, what do you do now? Swing for the fences? Shut down? There are times when these guys operating in unison can be a very powerful thing.