I was considering looking for some good long stocks with the recent week of gains but this morning’s manufacturing report of 36.2 versus the expected 38.4 has the markets falling sharply close to mid-day.

Citigroup Inc (NYSE: C) landed a big investor over the weekend. This time it wasn’t a sovereign fund or Warren Buffet, it was the US Government. The Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp all came together to purchase $306 billion in bad assets from the bank in addition to providing $20 billion in liquidity. The company may still need to take on $29 billion in losses due to this transfer.

Both the UltraShort Financials ProShares (SKF) and the UltraShort Real Estate ProShares (SRS) skyrocketed today as volitility moved higher and investors look for additional weakness in the Real Estate markets and the Financials.

A Goldman Sachs analyst today is predicting that losses at the biggest credit card companies will increase by 25% in the coming year as unemployment climbs and borrowers are unable to pay back the money they have outstanding. This increase would mean close to an 8% default rate compared to a current 6.35% rate.

This Exchange Traded Fund (ETF) seeks to reflect the performance of West Texas light sweet crude oil on a daily basis management minus fees. And you can imagine with the recent drop in gas prices and the recent drop in oil prices, this ETF has been under some tremendous pressure.

Seems logical that if the Federal Reserve and the Treasury are going to pump the financial markets with over a trillion dollars of loans to make sure additional banks do not fail, they would spread some wealth over to the domestic auto manufacturers which are having just as much trouble. But that does not appear to be the case.

Travel volume has dropped along with consumer spending and consumer sentiment over the past several months. And Avis Budget Group suffered from the decline in travel losing $1 billion dollars and having to cut 700 jobs in the most recent quarter preliminarily reported last night.

American Airlines is seeing its stock decline by near 12% today as gas rebounds after a prolonged down trend in the commodity. Airlines generally move in the opposite direction of gasoline as fuel is a large part of their variable expense in flight costs. Only Southwestern was able to hedge against the large spike in gasoline that the US experienced over the summer. But the decline in oil has helped the airline industry tremendously.

Freeport McMoRan stumbled out of the gate this morning after releasing an earnings report that showed slowing demand for copper in China as the world begins to worry about slowing economies everywhere. The price of copper fell dramatically over the past quarter after an incredible run with a number of other commodity names like oil, gas, wheat, coal, and others. This drop in pricing power made it difficult for the Phoenix based miner and producer of gold and cooper to make it's expected earnings numbers for the quarter.

The Casino Operators have had a precipitous fall along with the rest of the market during the month of October. Les Vegas Sands has fallen near 40% while MGM Mirage has taken a fall from $30 a share down to $12 a share today. Look for more weakness as gambling is not in the cards for American consumers struck will dismal economic outlooks.