Well the FED backed down and decided that AIG was too big to fail after all. They also decided that they wanted to not only bail out AIG, but they wanted to be a big business owner as well, buying an 80 percent stake in the insurance giant for 85 Billion with a B.

Many think this was a move that opens the door to a string of such requests for help, including the major automotive manufacturers who also have their hats in hand at the loan window. A dangerous precedent indeed, after showing the stiff upper lip to Lehman Bros last week.

Markets are reacting negatively big time again this morning after a nice little end of the day rally yesterday and it looks like the open is going to be dramatically down.

Oil has spiked up a bit...Nigeria, they say, but it was time for a bounce after having dropped too far too fast (not that it isn't going lower...just not right now).

It is going to be a rough day and we are following the precedent of a reversal of fortune after and FOMC day rally that we have seen so often.

Completely lost in the noise is the fact that this is a big expirations week for futures and options and Wed is normally the day of resolution. Lots of pressure on futures and options traders to balance their positions and that always roils the markets.

So-o, we are left with another of those days where it is best just to turn off CNBC, turn on I Love Lucy re-runs and take a breather, imagining what the next "Crisis" will be.