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I'm a buyer of Calgon, in SIZE! - Todd Harrison - 3:28 PM

One of the more frustrating sessions in recent memory edges to the close as the bovine hang down by their toes. It's Nosty out there, not just with regard to the price action but in terms of liquidity. Heck, as I'm writing this post, the S's just jumped 20 handles. 20. It used to take us a week to get that much cumulative movement.

Everyone gets it wrong at times (hand up) but there is a lesson to be learned here. Case in point was Paulson's comments about the "repricing of risk." This is the same fella that has been telling us for months that subprime is contained. The simple truth is that the market is smarter than all of us (again, hand raised) and the onus is on us to manage our own risk profiles.

Perhaps the folks on TV are right--- maybe this is healthy. Truth is, I'm not smart enough to know. What I do know is that by the time the evidence is apparent through economic figures or reflected in earnings, the market, as a forward-looking discounting mechanism, will have already baked it into its cake.

For my part, as I type with one stubby hand (I'm holding a shovel with the other), I'm paring some of my in-the-hole exposure and trying to shift a very bad day into a sorta bad day (with lost opportunities and lessons in tow). In that vein, please lemme hop and chop and get to work.

Fare ye well into the bell.


The Pain Locker - Jeff Macke - 2:40 PM

So... I spent the morning locked in legal meetings only to walk in to find the Dow down over 300 points. Forget subprime, housing and carry-trade woes; I'm blaming the legal system for this mess. Here's what I'm thinking as I play a rather fevered game of catch-up...