John,

Yes, wed or thursday we may see a bounce from oversold conditions, but imo, the market will go down another 15%-20% from here. things will still get worse before they get better.

There is a huge inventory of homes still on the market and growing. More banks are going to fail. The big ones are falling now, the medium sized ones will be next then the regional banks will be the last.

Nobody wants to lend because they do not know how much more housing prices are going to fall. This is not going to correct itself overnight.

IMO this will get very ugly, but I do not want to see a bailout. One of the Congressman or Senators just said "where I come from the crooks go to jail, we don't bail them out!"

This market may delay our return on PTSC but it also aids us in M/A for those companies that can not get a loan.

I'll live through the pain of this market before I see us pay the crooks that got us here. I moved my retirement fund to cash ayear ago because I saw this coming but am patiently holding my PTSC.

epd262