The equity markets sold off sharply today on fresh jitters about the sovereign debt of Italy and Spain.
It is also quite important to remember that stocks have been very overbought short term and were ready for a correction.
“'Simon, Simon, behold! Satan has demanded permission to have all of you, to sift you like wheat. But I have prayed for you, that your faith may not fail. And once you have returned, you must strengthen your brothers.' And Simon said, 'Lord, I am ready to go with you, to prison and death.' Jesus answered, 'Before the cock crows, you will deny three times that you even know me.'" Luke 22:31-34