Limit Down

The futures market is limit down this morning after a massive selloff overseas on fears of a global recession. Lets think about this for a moment. Your telling me that all of the sudden, investors are concerned about a global recession? This has been a growing concern and/or reality for six months or better at a minimum, so this is not the real story.

The real story is hedge funds meeting margin calls, and a lack of confidence by investors and visibility of leadership by any equities. Or, the prospect of an Obama anti-growth and high tax administration is spooking the market. I don't know what I am having for dinner tonight, so who knows.

However, when it is real ugly just after lunch time I will look to put some money to work. It is usually a mistake to fight the tape but this market is very oversold on fear and, oh, suspect earnings we all already know about. Greed defeats fear. Remember Trading Places? Fear, that's the other guys problem.

It going to be a wild one, so as NASCAR's Larry McReynolds says, pull them belts tight just one more time!