Nothing much to say today. After the bloodbath, the market is taking a pause.
I would still quote from my weekend's post:
"Over here, [Federal Reserve Chairman] Ben Bernanke stopped QE2 and has convinced people that he has their back. Now, they've got a gun to his head and the markets are saying 'give us more QE3 or we'll melt the markets down by Wednesday. The markets are going to force the politicians to deal with these problems... we have to admit these things and solve these things." From Dylan Ratigan of MSNBC.
So all eyes are on Ben today.
How the Governments of the world come up with their plan to save the capital market remains to be seen.
If Fed comes with weak lip service, more selling ahead. If they come out swinging, we shall see a rally and the inevitable is postponed for some more time.