So the indices broke through last week's low today.     As many of you have gotten used to it by now, the possibility of seeing some very ugly action in this particular month is more probably than ever.     Hopefully, most of us did not carry much of anything  into last night's close and avoided the action today.    The theme remains the same.   We aren't expecting anything positive from this market and most of the newsfront would involve damage control.     This too, will pass eventually.    At the mean time, we just chew our fingers and wait to see how bad this thing can really get.     If the bounce comes, which will come inevitably, technical bounce or not, we'd be there to hopefully catch a few trading opportunities here and there.

VMW,  this is perhaps the only shining star out there.    There's definitely lots of trading interest about this one and whether you believe this is the next big thing or not, you have to respect the trading force behind it.    Perhaps, this one attracts more traders than usual because there's really no other games in town today, or last couple of days.    Call it a place of trading sanctuary or something else, some of us are watching the 5 min. chart religiously today trying to get a good trade or two out of this one.     Outside of this one, it's just a matter of debating on either cash or money market.    If you go with money market, make sure yours doesn't have any "asset backed commercial paper" in its pool.

Bottom line, market does have a very legit reason to get ugly and this is the month to get ugly.    In the whole process, we don't want to get caught in it and become a casualty.    Just like dozens if not hundreds of crisis we've had in the past, this one ranks somewhere in the middle and it will pass eventually.    New leaders will come out and old names will be forgotten.     We are looking at the financials very closely these days and feel that the day those names bottom, and that's the day we'd get back into this market in a meaningful way.