"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey

NEW BUY: DG ETF Portfolio

ProShares Ultra S&P500 Trust (SSO) @ $48.13

As the Dow sold off on fears about more money market accounts breaking the $1.00 mark, I used the weakness, and spike in the VIX index to add SSO to the DG ETF portfolio.

Expect some wild gyrations today and tomorrow as futures and option contracts expire on Friday. I feel much better about a potential rally now that the VIX spiked over 40.

I am not holding off new purchases in hopes the DJIA reaches the 10000 mark. After a 25% decline, what's another 600-800 points?

The bad news is pretty much on the table. The number of new claims jobless rose by 10,000 last week. Expect more losses in the weeks ahead with all the bank blow ups.

Central bankers around the world are pumping billions of dollars into global financial markets to free up capital and calm investors fears. I think it will work. The Fed and other large central banks said they will pump $247 billion into the financial system.

Gold had its biggest one-day rise in eight years on the money market panic. Investors are now worried that they can't trust banks, insurance companies, and the stock market so they are running to hide money in mattresses.

Commodity prices soared in a flight to hard assets, protection against a declining dollar and fears that the credit crisis is going to get much worse.

Personally, I ran toward GE. GE is trading at multi-year lows on fears about their financial arm. I not worried about GE, and I'll take their 5.3% yield all day long.