Well, Citi looks headed for a wild ride, with predictions of $17 billion in write-downs for 1Q 2008, and rumors that it is in talks to sell $12 billion of dubious loans at a significant discount.

They were paper sold as part of LBO activity which they could not resell.

Insurers are sure to take a beating on S&P downgrading 4 of them, MGIC Investment Corp., Old Republic International Corp., PMI Group Inc., and Radian Group Inc.

In energy, oil is trading near an all time high on weak inventories, and in currency, the dollar is down, because the market expects further rate cuts.