And if the euro fails, banks fail, companies fail, trade fails, and then US companies fail.  Who knows where this would lead?

When Europe brought out the euro in 2002, it changed everything. All of a sudden, you could lend money to Ireland or Greece without having to worry about the Irish pound or the Greek drachma.

Last week's moves still put the indices into a situation they'll need to deal with this week and beyond. Indeed, firm battle lines have been drawn.

And the data out over the last few weeks tells us it is getting better. Does this take us out of the double-dip woods, even as the Fed is lowering its forecast? And what is a recession? Yes, we all know it's when the economy doesn't grow, but we are in a rather unique economic environment, this time. Maybe things are getting better, but is it enough to get us back on the road to full employment?

Most traders and investors are in sheer awe of Warren Buffett's accomplishments and do not even try to emulate his approach to the markets on the assumption that Mr. Buffett's strategy is simply too wise and complex to understand.

Many people have decided they have had enough. Unfortunately, the ones who have had enough were the ones already getting too much.

The bruised and beaten US dollar launched a vigorous counter-attack against the major currencies having found a bottom in early November as a four-month surge in risk appetite found itself without fuel to continue.

The euro continues to tumble despite the final touches being put on a bailout package for Ireland, as contagion fears have heightened.

The Japanese currency is poised to rise against most of its major counterparts while trading lower against the US dollar.

The British pound pushed lower against the U.S. dollar this week and will likely continue its southern journey in the near term as debt fears in the Euro-Zone continue to rattle the markets.