Ron,

Thanks to you, wolf, SG and all others for your insightful posts. I am a long time holder of PTSC and lurker. Since this is in my area of expertise I offer this explanation from our briefing to our management today.  Overnight financial market volatility emanating from China extended into the New York trading session, with risky assets selling off as part of a global, broad-based risk reduction.  The correction was attributed to a range of factors, including a sell-off of Chinese equities, elevated geopolitical risks, an ongoing deterioration in the US subprime mortgage market, concerns regarding US economic growth prospects, and, to a lesser extent, localized emerging market risks.  However, the spillover into broader asset markets reflects a deterioration in sentiment rather than a fundamental shift in the global outlook.

GLTAL

Yamfaal