NYSE Euronext (NYX)

[Not_Bill_Oneil]

The markets did close weak last Friday...

and it did not bode well for this week.

Today, while we're closed, the rest of the world plunges - down 3% to over 7%. India is down almost 10%. And our index futures which are open today are falling significantly in step.

The only thing that gave me a sliver of hope last Friday was what Paulson was saying later in the day after Bush spoke. He was mentioning that the administration was wanting to get ahead of this deepening crisis. However, there were no details on anything from him and more importantly not a peep from Bernanke all day last Friday. Obviously, nobody blinked over our long weekend. Nothing. Nada.

I didn't really expect a change from the Fed yet, but, had to hold out a sliver of hope. Even though we all know that hope doesn't take you far in the markets. At least Bernanke has been consistent - and you can make money off of consistency like that.

However, some other influential people may be getting involved and start making some noise at this point (hopefully!). Oooops, there's that word again.

I regret I covered the positions that I did on Friday. But, wanted to play it safe at this juncture. At least I kept some positions open.

Good luck this next week. We are all going to need it.

Some more related info: http://www.forbes.com/2008/01/20/financial-bond-insurance-biz-wallst-cx_lm_0121bond.html?partner=yahootix