Oh-Oh

The American stock markets are closed today in recognition of Martin Luther King. Meanwhile a global sell-off is occurring worldwide showing losses up to 8%.

Seems the rest of the world is in a panic over America's collapsing economy, and that the bush incentive package is way too little and much too late.

Look for the largest sell-off in American stock market history when they open tomorrow.

King - as a result - will forever be tied to the upcoming "Black Tuesday".

Addendum:

Jayant Pai, a member of the Mumbai investment company IL&FS Ltd, - and others - have suggested that the declines could lead to a buying opportunity.

"The sell-off today takes us close to the bottom," she said.

Wow. Head-up-arse time. We aren't anywhere's near the bottom of anything.