In hot and cold signals, GS is giving the tone of the day:
1/ They are laying off massively. The street is expecting a 30% drop in earning, (60 for lehman) so they are hacking ahead of the bell
2/ They are closing on a $8B stressed SIV investment which is heralded by some (the FT) as a "turning point" in the current crisis. Wait... wasn't it the Bear salvation?
Buckle your belt Dorothy, cash is the place to be!