The Dow loses more than 200 points

Wal-Mart said that the consumer is reigning in spending. Home Depot warned that the slowdown in the housing sector would hurt its profits. No shit.
Quant funds are blowing up left and right. Everybody's trying to stop their partners from taking the money and running. blue chips are selling off as people try to raise cash. The credit crunch continues. The Fed and the other central banks don't have the firepower necessary to stop this run. They can put some speed bumps in the way, but the financial system needs an enema. They are only delaying the pain.
I'm still shorting the bank, brokerages, mortgage lenders, and mortgage insurers. Still, like any panic, there will be babies thrown out with the bathwater. Take a look at Goldman Sachs(GS). It's selling at 8x earnings and under 1 price to sales. Remember when this was a $230 stock? That wasn't that long ago. Or take a look at Sears(SHLD). That was a $180 stock at its peak. These are still two extremely well-run companies. Now they're significantly cheaper. I'm going to wait for them to get even cheaper, especially Goldman. They could both lose another $20-$30. We still don't know much about whete the dead bodies are in this sub-prime-credit crunch mess. Be patient during this downturn and try to find some gems that's been unnecessarily trashed.