Buckle Up

Well, another jittery morning ahead as overseas markets take it on the chin with Nikkei down 500+ or just over 3% and the European bourses all negative to the tune of 2%. The overnight kids here are fairly stable with the $5 Dow -42, the S&P -2.50 and the nasty Naz -5. The rosy colored glasses seemed to have cracked as the whiff of panic looms.

On the block for the morning are earnings due from Lehman Brothers (LEH:NYSE) and General Motors (GM:NYSE). MBA purchase applications due premarket as well as the current account deficit numbers. So some good data points to focus on but we all know where the real spying and spin doctoring will take place...you guessed it...the homies and sub prime. Who is the next kid on the block to lose a finger? Who knows, but some suspects...
H&R Block (HRB:NYSE) and their Option One troubles?
Maybe Washington Mutual (WM:NYSE) and their aggressive Alt-A loans?
Country Wide Financial (CFC:NYSE)?
Wells Fargo (WFC:NYSE)?
The speed that this is taking place makes the Enron and WorldCom unravelings seem like molasses in winter...be prepared...jfg.