The ISM reported today that its index of non-manufacturing dove to 41.9 from 54.4 in December. Analysts had been broadly expecting that the decrease would be 1 or 2 points, not almost 13, or over 20%.

This is truly really bad news for the markets.  As I write this, the Dow (DJIA) is down well over 200 points.  The good news is that we could be setting up a retest of the market lows and possibly an opportunity to pick up another round of bargains.  I think this will be the last opportunity so we may be a little aggressive with any average downs we do.