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This has bee a bumpy week for investors and it's going to get a little bumpier before it gets better. The result of the Fed's bailout of the mortgage industry, there should be a sweeping change in the mortgage industry in the near term.

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We are in for a bumpy week, kids!

Lehman Brothers is poised to file bankruptcy, Merril Lynch is going to be bought out by Bank of America, WAMU is going down next, AIG to follow... The numbers are staggering. Consumer confidence is in historic crisis. Where it will all end I do not know, but it was foretold and it has to happen, a massive reversal of fortune, to bring us all back to economic reality.

This economic unreality is not only in the US. Our irresponsibilities have effected Asia and Europe, as well. This is a global event, an unprecedented cleansing of the books. The Fed meets this week. Most likely will leave the Fed rate as is.

So buckle up!

In July, investors were vexed about record-high oil prices; since that time, crude has fallen nearly 28 percent. Back then, financial services companies were dragging down the broader market; over the past two months, the financial sector has outperformed the major stock indexes.

And Wall Street has now finally gotten some closure on one of its biggest unknowns: the fate of Fannie Mae and Freddie Mac. The Treasury announced Sunday that it is taking over the two mortgage financiers.

Investors are hopeful that the government's move will bring demand back to the tight credit markets.

But Wall Street's been burned before, and will be keeping a close eye on how the credit markets perform and on economic data. This week, they'll be watching for readings on retail sales, pending home sales, the trade deficit and wholesale inflation.

Personally, I can't wait to see what the market does tomorrow morning!