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got it right. I don't watch CNBC very often, but I think it was last Friday when I saw Maria hosting a debate about the market, besides the usual money managers who were talking their books, Ron Insana participated. The money managers were predictably bullish and were talking about the quality of earnings, valuations and the stuff they usually talk about. Ron politely stated that on a case by case basis the market was responding to earnings, but there were deeper structural problems affecting the market. I don't follow all the headlines about sub prime concerns and hedge fund blowups, but one look at price action confirms that the headlines arent telling the whole story, at least not yet...

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