BRUTAL

Another day in paradise as Cramer has won the first inning with yesterday's sell call- as the markets hit the lowest level since October 2003 (SP 500). However, its a long difficult game.

DJIA -508, NAZ -108 and SPX 61 at 996.

MS deal to get done shortly at about $25 per share despite todays close at $17+- hmmm - I suspect they redo the pricing or Mitsu walks away.

NYSE/NAZ -4500 net losers;

VIX- higher by 3.5% at/near 54;

SPX down at 997 and off 61 on the day and a kewl 19% below its SMA 10- and I thought 10% below was a big stretch.

Kass with an interesting take as he suspects hedge funds are selling SPX futures against their crummy longs- and when that turns it could be the mother of all rallies.

Biggest loser in today's crushing - yea John McCain defending the strong fundys of the economy with the DJIA -500.