That is all.

There is no doubt, this is a drop in the equities market like we have never seen before.  I wonder how much change will come out of this?  Will 401k’s be so heavily weighted in stocks any longer?

The G7 are meeting this weekend to discus the financial systme crisis.  Is there the possibilty of a sweeping nationalization of the banks?

One thing is for sure - I have a lot more questions than I do answers at this point.

**Update**
Come to find out the DOW was not down over 1,000 pts this AM.  Yahoo! was having issues.

The US Federal Reserve led a co-ordinated round of global official rate cuts today, easing by a half-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks.

The Fed said it was cutting its key federal funds rate by 50 basis points to 1.5 per cent and also lowered its discount rate by the same amount to 1.75 per cent.

So it’s not just the US that is screwed - several other countries have been dragged down as well.  Come one come all.

Image by Getty Images via Daylife

I am not in favor at all of buying this junk credit back from these companies who took huge risks. Who knows what is around the corner.  We are basically in new territory.  When do we cross the line from recession to depression?

That is all for now.

It has to stop sooner or later.  I wish they (the Feds) would just let it bleed out so we can all get on our merry ways.

Today made for a news worthy day on Wall Street.

Stocks tumble, marking lowest level since 2005.

Biggest bankruptcy in history.

The latest shotgun mariage.

Will your market recover?

Fed adds most cash since Sept. 2001 to calm markets

Liquidating the GSEs?

Best Buy grabs Napster for a song.

The Fed tells Wall Street to drop dead?

Forget Lehman, AIG is dying and the SKF - Bizzaro World Wins

A black Monday?

“stock trading for september 15″

Here is my best advice for you.  Take your head, place it between your legs, shut your eyes.  Assume the position in other words.  This is going to be painful.  I wouldn’t have trading money on the table today - but that is just me.  I would be in cash waiting this one out.  One cursory glance at the headlines and you can definitely see all is not well.

Jim Rogers was recently on CNBC Europe and made several money quotes.

“America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich… it’s just bailing out financial institutions,” Rogers said.

“This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I’m not quite sure why I or anybody else should be paying for this,” Rogers told “Squawk Box Europe.”

Read the full article over on CNBC.

I need to step back for a while - I was starting to get sloppy.  I had quit adhering to my rules - it was a matter of time before I blew a trade out.

I can only say one thing about Think or Swim - they rock.

I can not think of one complaint over the period I have been using Think or Swim.  By no means am I a big swinging trader.  I do swing trade - holding only for a few days at a time. The speed of execution and low commission rates has been a boon for my trading style.