Now that the market is closed, and you’ve had a chance to take a deep breath (and perhaps grab a drink or two), you should take a moment to think about some of the broader issues at play here, and figure out what today means in the larger context.
How does today's action change the bill currently being debated in the Senate? Are we about to see some new amendments pertaining to electronic/high-frequency trading?
How much of the market swoon was due to the Audit The Fed and Break Up The Banks amendments gaining momentum?
Will the ECB forced to engage in quantitative easing or direct buying of Euro sovereign debt now?
The huge currency winner today was not the dollar, but rather the Yen.
Is this the REAL safe haven?
Tomorrow they take the big aid vote. After the second day of violent markets, is Germany more or less likely to vote for aid?
Reports suggest that they're violently slamming the breaks on interbank lending, as nervousness spreads?
Where next for them?
Tomorrow we get a big wildcard with the jobs bill.
Analysts are looking for an unemployment rate of 9.7% and job creation of over 160K.