We seem to have a deep rooted fear in the market right now, concerning whether the US economy is on the skids and we saw an emergency of rate cut for the, from the Fed about a month ago, and again we saw a retail Fed cut about a week and a half two weeks ago and right now what investors are actually betting on is that we are going to see another rate...Fed rate cut towards the end of the month. But I'll tell you what's really the big fear, what's really driving this market lower is the concern that the US consumer is really maxed out. So it wasn't the big banks that really took it on the chin on Friday, no, it was company just like people like you know, 3M you know the ones that make posted note from toilet paper and whatever else they make those are the ones that are really being hit very hard, but the mitigating circumstance is behind me, you can probably hear it's busy. We are not seeing the near the kind of selling that we thought. We thought the Dow would be down about 2.5% on Friday, but we are only declined about 1% so we, it is a decline but we see that as a you know, as a silver lining that we are able to hold our own against a very weak week of Asia.

So when Caterpillar came out with that profit warning on Friday that was enough to send things into a downward spiral, to what extent though do you think sentiment played a part in all of that rather than actual fundamentals. It was of course the 20th anniversary of black Monday on Friday?

Yeah this black...

Notes:

Silver Lining: A hopeful or comforting prospect in the midst of difficulty

Take it on the chin: to have a lot of bad things happen to you or to be criticized a lot