Bad Open Good buying opportunity

Will add on to SSO UYG positions in first hour
Bought SSO 25.04 UYG 7.20

Open
After being in panic mode the past few weeks, investors are now wallowing in despair. Stock markets were in freefall around the world Friday as investors moved to liquidate risky positions. Mounting evidence of a downturn, born of the worst financial crisis in 80 years, also prompted extreme currency volatility.

What's behind the selloff? Investors around the world are ignoring the good news and focusing on the bad. And there's plenty of that to go around. Amid all the gloomy economic data and disappointing earnings, economists and market pros are increasingly convinced that the US and the rest of the world are headed for a painful recession.
Another reason stocks can't hold rallies is that there is substantial selling pressure from hedge funds facing redemptions.
Hundreds, perhaps thousands, of the investment pools are expected to drown this year as they face intense pressure to unwind before the end of their fiscal year on Oct. 31.
OPEC cuts production but oil keeps on selling off...forced liqidation
Oil slid more than 5 percent a barrel on Friday as gloom about a global economic downturn that is sapping fuel demand took the steam out of an OPEC agreement to cut output.
Ministers of the Organization of the Petroleum Exporting Countries agreed at an emergency meeting in Vienna to take 1.5 million barrels a day of crude, about 5 percent of its supply, off the world market.
U.S. light, sweet crude [US@CL.1 64.11 -3.73 (-5.5%)] for December delivery traded down .
Earlier it touched $62.65, its lowest since May 2007. It has fallen more than $40 a barrel in a month.
Saudia Arabia's Oil Minister Ali al-Naimi said the group had agreed the output reduction with effect from Nov.1.

That's the background for the open today. More forced liquidation. Its a process but like I said yesterday I think we are getting close.

7:38 DJIA 8295 -397 VIX 79.04 Gold 707.30 -7.10 Oil 64.96 -2.88
After lower open and bounce now trying sell off. Still holding above yesterdays low.

8:02 DJIA 8394 -299 back to the highs for the day

8:21 DJIA 8454 -229 New high for the day

8:38 DJIA 8502 -188 New High

9:39 DJIA 8355 -338 VIX 77.25 Gold 7.23 +9.20 Oil 64.89 -2.45
GM news and news about autos is morose will try to buy GM at 5 now 5.21

12:01 DJIA 8584 -106 VIX 78.63 Gold 731.90 +17.20 Oil 64.33 -3.51
I think oil is about finished on the downside now every one is looking down
Making a new high on Market now at noon I have no clue which way they take it into the close.

12:52 DJIA 8550 -140 VIX 76.77 Gold 728.50 +13.80 Oil 64.73 -3.11
Well trying to go up into close all in all a good day Looks like the selling is drying up.
I made it through this week I'll see what thye have for me next week. The beat goes on ..,.Mikey