ES overnight low 838.50 or -2%

Sam Zell comments ... Replacement costs are now the most important component in valuation. Land was the variable that changed prices during the credit bubble. There is now more debt than value until the lenders foreclose and ownership structure changes ... If the owner has no equity, the real estate won't trade ... 2-3 years before ownership structure changes (foreclosures, more owner equity) ... Bankuptcy courts do not respect maturities (how do you know how much money to put out if you don't know how much you're going to get back?)

In case anyone is reading this daily, I'll be back next week with more regular updates. I've been waiting for this weather for months.

IBM beats by $0.03 at $1.70 vs $1.65 last year

GS 1Q EPS $3.39

Earnings this week: Tue: GS, INTC, CSX, GWW -- Wed: ABT, PGR, BTU -- Thu: ISRG, GCI, LUV, PH -- Fri: C, GE MAT, BBT, FHN

Initial Claims -669k vs -650k expected

GDP Wednesday 8:30 EST, consensus -4.7%

Monday earnings (EST): HAS 8:30, HAL 9:00, BAC 9:30, WFT 10:30, IBM 4:30

Tuesday (EST): Retail Sales 8:30, PPI 8:30, Business Inventories 10:00

Alcoa (AA) reports today after the bell

Marc Faber sees a 5-10% correction and then continuation higher on S&P...banks bouncing further...C at $5..."a wonderful world"...bear market in treasuries for 15-20 years...better value in Asian stocks than S&P...mark-to-market essential...war and conflict before recession ends...Geithner, Summers, Bernanke "rotten apples"...commodities bull.