Market this Monday 11/5

[ron]

market opened sharply lower after Citigroup (C $35.58, -2.14) announced that because of significant declines in the value of its U.S. subprime related direct exposures since the end of the third quarter, it will suffer a reduction in revs of $8 billion to $11 billion. In addition, the company held an emergency board meeting over the weekend and announced that embattled Chairman and CEO Charles Prince is stepping down from his post.

[ron]

reported, October ISM Services came in at 55.8. Economists were expecting a reading of 54.0........ If am reading this right, anything over 50 indicates expansion...why are we have dow printing red 92 points it is still puzzling....must be the subprime crunch - still.

[ron]

It is being reported that Google (GOOG 726.05, +14.84 ) has announced plans to create an open source operating system for cell phones. The open source operating system will be able to run on a multitude of manufacturers' phones, thus allowing Google to extend its advertising reach.....even with a major component such as google printing over $724 up +$14 for the day....we still are hovering intra-day lows.

[ron]

mrkt continues to trade in negative territory as buyers seem unable to gain any momentum. breadth in full decliner's control at these levels into the seession..... Dow -81.64, Naz -16.45 rtq.....13,512.51 2,199.77 rspctvly.

[ron]

the subprime excuse continues to be the main catalyst for mrkt decline which is based on total nonsense....stcks have declined however, I don't see this as the beginning of another major donwtrend like the one we experienced this summer. We will have some sideway action b4 stock prices make another run at new highs....as much as walls will try an manipulate the actual mrkt....they know darn well...there are no basis for this decline..... Economy is strong and emerging markets are there to support continued growth....so..MM's - serve that dish to the amateur club.....