Dow fell 128 today. Not a "meltdown". The best advice I ever got from a money manager I used to work for was that the financial media is trying to sell headlines as much as anyone else, and if it bleeds, it leads. It's never as bad as they say it is and it's never as good as they make it out to be.
I'm not sure what the Fed is thinking on this one. It's certainly going to put their backs against the wall on Tuesday. Some of our traders are hearing rumblings of another 25 bp cut tomorrow and then another on Tuesday. It'll certainly be interesting to watch.
Financial armageddon? No, don't be silly. Recession and panic? Most likely. But remember, the sun will come up tomorrow, kids.
