The  US stock market finally buckled today under the weight of constant European debt contagion worries, which may indicate that market psychology is rolling over since the market didn't show the resilience to such events we have seen over the last few weeks. The fact that the deal was done over the weekend - sooner than expected, and was larger than expected, did not save the Euro from getting hit or calm the market.

Familiar talk of a slowdown in China and concerns about terrorism added to investor angst and new mining taxes in Australia hit the global mining stocks.  Tonight the global rout is continuing in Asia like a stadium wave.

Black Swans continue to show up in the investing pond.  Just in the last few weeks we have had an unprecedented shutdown of the European airline industry from - who would have guessed it - a volcanic ash cloud, and the explosion, sinking, and unfolding environmental crisis of the Deepwater Horizon offshore oil platform.  The offshore oil gusher is sure to further complicate the already complicated situation with energy legislation in the senate which is coming to a head in the next few weeks.