Ouch.... ;) Some opportunities on Monday for OZ land...

Ouch.... ;) Some opportunities on Monday for OZ land markets.....sell off perhaps in many sectors....

Dow 11,842.69 -220.40 (-1.83%)

Nasdaq 2,406.09 -55.97 (-2.27%)

S&P 500 1,317.93 -24.90 (-1.85%)


Friday was an options expiration date, making for heavy volume as traders entered the market in droves. However, the session’s tone was pessimistic as concern surrounding financial and bank stocks bleed into other sectors.

Within the financial sector (-2.5%), bond insurers MBIA (MBI 5.59, -0.86) and Ambac (ABK 2.05, +0.02) had their ratings cut by Moody's and were given a negative outlook. Fellow ratings agencies Fitch and Standard & Poor’s already trimmed their ratings on bond insurers.

Matters in the financial sector were made worse as Merrill Lynch reduced its earnings estimates for a host of banks on concerns of credit risk, capital raises, and possible dividend cuts.

Large-cap tech also encountered stiff selling pressure during the session, offsetting yesterday’s advance. Notably, the Nasdaq 100 fell 2.7%, hurt by easily recognizable Apple (AAPL 175.27, -5.63), Microsoft (MSFT 28.23, -0.70), and Google (GOOG 546.43, -13.77).

In terms of corporate headlines, Boeing (BA 75.83, -1.12) announced it is closer to delivering its highly anticipated 787 Dreamliner after completing a key task. Shares of BA still traded lower amid the day’s raft of selling.

Ford Motor Company (F 5.88, -0.44) stated it will further cut truck production. The company is shifting focus to match consumers’ appetite for more fuel efficient automobiles amid high fuel costs. Notably, Ford had its outlook lowered by Moody’s to negative from stable, reflecting the challenging environment faced by domestic automanufacturers. General Motors (GM 13.79, -1.00) was also put on CreditWatch with negative