POST SCRIPTS

214 points, that represents a one point loss per day for every day the stock exchange has existed, not a very good B-day was it?

What is driving the sell off is inflation fears. Investors worry that the fed is going to have a difficult time controlling inflation by little tweeks of the short term money rate.

The smart money is seeking a safe haven and that means it leaves the tech stocks and goes to the old blue chips, as evidenced by the tech heavy Nasdaq now off by 6.2% since the beginning of April.

What will this do for home sales? It can't be good. When interest rates jumped up over 10% back in the 80's, it was like pulling the emergency cord on a passenger train. When a leading market indicator like homes sales gets hit, watch out, it causes a big ripple that effects just about everything in the economy.

The Wall Street Journal had this to say, "U.S. consumers faced a surge in the prices of services in April, lending credence to some economists' predictions that inflation will accelerate in months to come.

The Labor department reported that the average price of consumer goods and services rose a seasonally adjusted 0.6% in April, up from 0.4% in March. A 3.9% jump in energy prices drove much of the move, but economists paid more attention to a rise in services, which helped push up prices excluding food and energy -- a measure called core inflation -- by 0.3%, exceeding expectations."