Last week, actually on Wednesday to be exact, we went through all of our portfolios and cut virtually all of our exposure to European equities. The impetuous impetus for this was our research that pointed us toward our belief that Europe will come under a much greater degree of pressure if (when) these markets fell apart.

Before the markets today, European stocks are getting hit hard, much more so than the U.S. market futures.

Europe Markets – Bloomberg 9/15/2008

We still contend that this is a trend that will continue as Europe has far greater problems on top of the U.S. financial sector implosion