From new highs last week to panic this week. Futures drop huge overnight, and recover all day Monday, only to drop overnight again and continue this morning. Earnings blowups are brutal, RAX, MAKO, FOSL. Resist the temptation to bottom fish, a shark may drag you to deeper down. Must confess Europe feels like they are in the Mariana Trench to me. EWP was at 25 in March 2009 although how can you buy when CNBC devotes screen real estate to the IBEX. And is that $25 move in gold the big flush, or just Buffett badmouthing gold or just a Fed governor saying stimulus wont work?