not over yet

I would not have been surprised if there had been a market crash today. Unfortunately, I still don't have options funding yet, but that should be rectified tomorrow.

Sold FRO, OPX, and RIO at the open. Account was even, instead of taking a 0.5% loss.

It seems that the market is confident of Wall Street's ability to hide the problems within the Bear Stearns hedge funds scare. I'm pretty sure they will. However, what they cannot control is the fact that the banks no longer trust the ratings systems on the CDO's. They are demanding more collateral from hedge funds before specific CDO's are downgraded by S&P, Moody's, etc.

As the defaults roll in, this problem can only get worse. Credit will get tighter. Spiking rates will alternate with flight to quality.