Monday looked like a repeat performance of Monday prior which shed 778 points.  However, the market clawed its way back from 800 points down to close “only” 369 south.  The retracement seemed significant at the time because the market rejected much lower price levels which some interpreted as  a capitulation day.  The systematic nature of this decline is being felt globally.  Tuesday showcased another beating in the market with the DOW closing down 508 points.  The Fed stepped up with a plan to buy unsecured asset backed paper and Bernanke alluded to a possible rate cut but to no avail as earnings reports added continued pessimism to the market fall.  Wednesday saw the DOW continue its dive with a 189 point loss in the face of a coordinated global rate cut.  AA generally kicks off the earnings season and it did so in dismal fashion missing its estimate by .21.  Thursday was a blood bath as the DOW plunged another 678 points primarily due to concerns about the global economy.  Volatility was at an all time high with the VIX north of 65.  The short selling ban was lifted but no reinstatement of the uptick rule yet.  Friday had to be the most volatile day that I have ever seen.  The DOW opened and immediately traded down 686 points to establish a low of 7882.  The index came off of those lows to turn green for a brief moment to the cheers of those on the floor.  The market again faded to spend the day gyrating between 200 and 500 points down until the final ½ hour.  Once again, the DOW charged up to register a triple digit gain just before the bell, only to retreat and close down 128 points.  The VIX posted a high of 77.  The DOW was down week over week by 1874 points with the SPX and the COMPQ  shedding 200 and 298 points respectively.  This was a historic week.  The DOW is down 40% from its high in October 2007.

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