you made the case to both kelly and me a little over an hour agowhy we could see an ugly close here today. why? well, ordinarily friday is the best day of the week. shorts tend to cover going into a weekend, but this is different because today we’re worried about currencies, and nations use weekends to adjust their currencies. they usually do it on a sunday when no one around. so it triggers a run for cover in the meantime. they want to reduce their risk profile going into this for fear that one, two, or four medications may adjust their currency over the weekend. we’re talking about not specifically but some of thecountries that have been a concern this week, argentina. you can go back to some of the eastern european countries,maybe some of the asian names last time around that were aworry, art. is it discriminant or not? is there a sense of who or where to look? well, i think it is — the difficulty is the possibility of contagion, and you’re seeing a couple things. you saw the slowdown in china, the concern about their banking system, and we saw that spread through the copper and othercommodity areas. now, today it’s interesting. we are certainly getting a slam bang sell-off, but five stocks in the dow provide about 40% of the sell-off, and they are names like caterpillar and boeing and united technologies – the high dollar stocks.they’re not only the high dollar stocks, but this five are a group who do a lot of business with emerging markets. overseas, exactly. assuming we close below 1800 on the s&p, what does that mean? well, i think it means that the bulls are going to have to do a lot of work to get things back in order. that’s some serious damage. next week will be critical. you have the fed meeting. i lean on the side of at least very active discussion.they’re going to take a look at these markets and say should wemove further? janet yellin does not like disruption historically, so it will be interesting. it will be her maiden voyage, so to speak. we’ll find out what happens.
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