A tough week in the market (the first of many)

Wow!  What a tough week in the market.  The -360 point drop in the DOW on Wednesday shows that the market is finally waking up to what the bond market has been telling us for the past few months.  Looks out for big companies like Citigroup and WaMu to start slashing dividends to try to keep things afloat as they deal with billions of dollars of write-downs from their Structured Investment Vehicles (SIV's) which are holding toxic sub-prime mortgage debt.  The recent drop in the 10 year treasury yield down to 4.30% indicates a tremendous flight to safety.  Investors that seemed to have an insatiable appetite for risk are suddenly running for cover.  Luckily those retirees kicking back with their fixed annuity payments need not worry ; )

Thanks,

MM