We are looking at an ugly open...futures are down hard (SPX down -13.25, gold is up +20 and of course crude oil is up $4.8 to a new all time high!  We get our answer, crude is making a new high. For the market, watch the 1235 pivot low, there really isn't any support below that

Maybe we can get our capitulation after all?  It's a Friday and you have to ask yourself, who wants to go home Long over the weekend? 

I sense panic in the air

GE had earnings this morning and held on to its 2008 earnings outlook. They’re also selling their Japanese consumer lending business for $5.4 billion.

Citigroup (C) is selling it German retail operation to Credit Mutuel (France) for $7.7 billion.

MA is replacing GM in the S&P 100.

CVX said yesterday after the close profits would be significantly lower than the previous quarter.

WYNN jumped in after-hours after announcing an additional $500 million stock repurchase.

FRE and FNM are down a bunch as word is the gov’t contemplates taking over the quasi gov’t companies in a fashion that would render them basically worthless to shareholders.

Word from the Middle East is Israeli planes made test flights out of Iraq for a possible attack on Iran’s nuclear facilities. Crude oil has jumped over 5 bucks and is up near 147.0.