There are going to be many publicly traded companies announcing earnings this week and it will prove to be a very volatile market in their wake. I have pulled almost completely out of individual stocks this week because I think there will be a lot of negative surprises. Already these negative earnings announcements have knocked the market down over 100 points.

Decliners are outpacing advancers at a rate of 2 to 1 and many earnings disappointments are coming in, such as Citigroup. Oil is trading up in new record territory above $85/barrel.

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