Ludba - were you referring to the market? - Sub-prime woes,...

Ludba - were you referring to the market? - Sub-prime woes, Fannie Mae and Freddie Mac implicated for artificially inflating house prices, GM USD39b loss (the catalyst for Wednesday fall)
The VIX is up this month as more volatility returns
IB's showing more losses to come - but with their balance sheets, these will be absorbed and dispersed over the next year or so, offset by some spectacular growth in other areas (not FI)
Lack of liquidity causing mark downs below theoretical value in the CDO market, particularly in AAA rated tranches. Lack of understanding in this market still causing concerns to investors. Local banks have minimal if any exposure to such teir 3 capital, but nevertheless feel investors concerns of recent. NAB had a great result today, as banks prove growth extends.
Technology has actually been receiving good funds flow into these growth areas assumed to be resilient to such credit concerns, although CISCO in it all and mighty reach, felt some pressure yesterday

Regardless of all of the above TEE shows little correlation to the market and will run on its own merits -Next week should calm somewhat, but volatility in general expected to remain pre-christmas