Good morning everyone.  Looks like the S&P 500 (SPX) futures are down less than 1% so far this morning due in part to Warren Buffet’s comments over the weekend announcing the sale of all his airline holdings and not suggesting great value anywhere in the market.  While that sounds pretty negative, last night the futures were suggesting a 1.5% drop in the market, so it is nice to see things are not seemingly as weak but then again it is still early.  In addition, the market got hit pretty hard at the end of last week, so there may be some folks looking to take advantage of the sharp weakness.  If you haven’t read our macro post on the messaging from the credit markets last Friday, please take a look today because it is really important in understanding our view over coming days/weeks.


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