There were no leading industries. The goldminers ($XAU -15.5%) and Oil Services ($OSX -10.4%) were the worst hit. The selling was on low volume, which makes it apparent that many sales were forced by margin calls. This was not panic selling.

The leading Cara 100 stocks were: SNDK (+4.9%), IBN (+2.3%), PG (+0.2%) and DNA (+0.0%). The worst hits were: POT (-27.0%), GG (-27.5% to 26.57), TCK (-15.7%), SLW (-15.6%), PDA (-15.4%), RIO (-15.0%). Again, when you see the stock of a food processor and an agri-chemical company down like this among the metals, you have to figure there are margin calls.

Crude Oil ($WTIC -$4.56/bbl -4.63% to 93.97) and $GOLD futures (-$43.00/oz -4.85% to 844.30) were crushed, likely on forced selling. With the likelihood of the multi-trillion dollar reflation programs required to stabilize financial services providers and capital markets, $GOLD futures are most likely to lift after the first of several bail-out packages is legislated in the US.