Be Ready For a Wild Ride Today

The Dow Industrial Futures are down 133 points at 7AM in the East this morning. Fair Value of the Dow is down just over 11 points. The Fair Value of the S&P 500 is actually up just a bit this AM. There will likely be an immediate and steep drop at the open this morning. Markets in Asia and Europe have had steep declines today. Depending on what news we may get regarding mortgages, mortgage companies and hedge funds, the Dow may bounce back toward the end of the day. However if more bad news comes out during the day, this could be a very bad day for markets indeed. Margin players could get squeezed causing even more of a drop. I plan on staying long looking at the long term picture.