Ave Caesar! Morituri te salutant!
I was listing to the grizzled vetran Art Cashen, head floor trader for UBS in his daily spot on CNBC this morning and I believe that his quote sums up what is about to happen to the markets:
"Ave Caesar! Morituri te salutant!"
Translation from Latin
"Hail Caesar! Those who are about to die salute you!"
Hang on friends, today is going to be a rough one. Whatever you do, don't sell into panic. There is going to be some amazing values out there ripe for the picking. Again look for companies that pay great dividends with low payout ratios. If you have money that you can afford to lock up for a number of years, you can can get paid 6%, 7%, 8% to wait this mess out.