[Phanuthier]

Its another begining of the week, and every week seems to open with a crisis.

This week...

On the heels of a panic-riddled sell-off that caused the Dow industrials and the S&P 500 to plummet for eight days in a row, finance ministers and central bankers from the Group of Seven rich industrialized nations met on Friday to discuss jammed credit markets and the staggering global economy. Over the weekend, bankers from the Group of 20 emerging and industrialized nations also were scheduled to meet in Washington ahead of the International Monetary Fund and World Bank meetings.
While corporate earnings season gets into full swing next week, results will likely be on the back burner as investors struggle to see through the fog of fear that has engulfed the market.
Among financial institutions, JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Citigroup (C.N: Quote, Profile, Research, Stock Buzz), and Capital One Financial Corp (COF.N: Quote, Profile, Research, Stock Buzz) are all expected to release results.
Investors also will get a reading on September inflation with the release of the U.S. Producer Price Index on Wednesday and the Consumer Price Index on Thursday. September housing starts are due on Friday.
But concerns that credit markets have not limbered up, despite a spate of moves to free up money from the Federal Reserve and other central banks, will remain the chief focus for market watchers.
"Normally, I would say we are entering earnings season. But this is purely an emotion-driven market," said Owen Fitzpatrick, head of the U.S. equity group at Deutsche Bank Private Wealth Management in New York.

And Europe is bracing...

http://www.reuters.com/article/euDea...49B34720081012

(Reuters) - Top European leaders holding an emergency meeting on the global financial crisis in Paris on Sunday rushed to craft a credible response before fearful world markets reopen, pledging to pump public money into banks.

This market has largely been quite calm and slow in the recession, at least until the past 1-2 weeks, when bear markets tend to be turbulent. I think we're starting to move into the phase of panic.