Another miserable day for the markets, albeit not quite as dismal as last week. The market opened strong on the heels of a formal announcement over the weekend Freddie and Fannie would be bailed out.

However, about an hour into the trading day they started selling again, and the market hasn’t looked back.

In my view, the market has nearly reached crises proportion, but could be setting up for one of the best buying opportunities since 1987.

It was all quiet in micro land today, with most of my ideas holding at fairly anemic values. I am personally starting to liquidate many of the positions in my trading account- I’m getting liquid out in front of what I believe could be a once in a life time opportunity to buy cheap. There will be easy money made in the first short covering rally. Right now, the shorts totally rule the markets.

The first stock on my earnings watch list from the weekend edition reports after the close today. Genentech- (NYSE: DNA). The market is looking for $.86 per share in earnings.

Let’s see what happens after today’s close. I didn’t take a position as the stock traded down in today’s action. However, that could have been an indication to get short. Hard to say. We’ll see post close.

No position on DNA, but an interest to see how the market responds.

Earnings are out- the missed by $.04- the stock is down about 3 points in after hours trading. The profits were there for the taking.