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Japan closed down 875 points. I would have thought that after yesterday's intra-day rally on the Dow, Tokyo would have been up, not collapse 5.4%. Scary stuff.

I wouldn't buy it, at least not here. I'm hearing bad things about their paper in the money markets. But maybe in the future...

If I were a trader, I'd be setting up for a short-term upswing. But I'm an investor, so I'm selling and getting short on rallies.

Increases in home prices by state, from OFHEO http://www.ofheo.gov/HPIState.asp?FormMode=Summary

Excuse me for pimping my blog, but http://runningofthebulls.typepad.com/toros_running_of_the_bull/2007/08/homebuilders-up.html

Pish Posh. I remember a similarly bullish report and outlook late 2000 from Chambers. It didn't stop his stock from tanking to $8 a few years later. This market was extremely oversold. CSCO was just the excuse to rally.

If the US would just STFU about currency manipulation and deal with our own imbalances we created for ourselves, we wouldn't be in this situation. Congress is playing an enormously dangerous game of brinkmanship. China has currency reserves worth ~10% of the US economy.

I don't know if the markets are going any lower or not, but I intend to start selling, hedging and shorting on any rallies. The rising volatility, rising interest rates and deteriorating credit market makes me nervous.

Delirious I wouldn't get too excited about things. At the end of WWII, the national debt to GDP was something like 140%-150%. Today, it is half that. The US ranks 10th or 11th of the 27 OECD countries in terms of relative indebtedness. That doesn't mean the dollar won't devalue...

The USO isn't a good play on oil IMO. It invests in futures, not the underlying physical. With oil currently in contango, you are getting negative roll, which is eating away at returns.