What a day! The market closed below 9,000 for the first time since May 2003. From its peak a year ago, the DJIA is down 39%.
 
The Dow suffers its seventh straight daily loss, lead by General Motors (GM) which fell +30% today after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.  falling 678.91 points to 8,579.19 -- the first time the index closes below 9,000 since May 2003.

More important, J.D. Power is also forecasting a substantial slowdown in markets like Russia, Brazil, Indian and China, which had been experiencing strong double-digit growth.
 
J.D. Power is now predicting U.S. vehicle sales of 13.6 million units this year and 13.2 million in 2009.
Before Thursday, it had been forecasting sales of 14.2 million units. Three years ago, the industry was booming with sales of nearly 17 million units.
 
"There are only two things that will turn this market around: One is any sign that the credit markets are thawing out, and the second is we finally find a level at which stocks have finally become too cheap, " said Art Hogan, chief market strategist at Jefferies & Co.
 
Sincerely,
Simon Vargo

http://www.CollegeStock.com