Fear and loathing and Las Vegas

Fear.

Loathing.

Las Vegas.

Everywhere you look there are stories that in years past would have all been front page news. The above stories probably werent even the most important events of the day what with the car bail out started to stall and the commercial mortgage markets cracks growing ever larger.  In fact those two probably accounted for todays bloodbath in the tarnished banks group (think BoA, MS, GS and Citigroup) as expectations for new genres of crisis slowly come to fruition.

It looks like we might be about to start another leg down (possibly wave 5 according to the elliot wave theorists out there). The bright side of which could be a massive rally after one more sharp drop..