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Opening Bell: 10.22.07

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Stocks Poised to Take Losses (WSJ)
Two words: car nage. After a terrible Monday, during which the US got a reprieve, the markets roared lower again while you were sleeping. Hong Kong gave up another 8.7 percent and Japan another 5.7 percent. But you know this already, because you were probably receiving text alerts every :30 in your sleep, not that there was much you could do. Oh and the futures. Yeah, bad. All down around the 5 percent marker. The good news: if the earlier declines were a correction, we must be getting really correct right about now. Also, as of this moment, there hasn't been an emergency rate cut announced, which a few folks were chatting about yesterday. It's still possible, sort of like an interstitial ad at You think you're about to load the article, but then an ad pops up about about 5 seconds right at the last moment. So yeah, an interstitial rate cut still could be.
Loan Morsels (WSJ)
More on the credit crunch, from a small business perspective. The point: it's not just homeowners with a crappy income and a history of not paying their credit card bills that can't get loans. Small businesses that have tapped the well several times in the past can't raise cash either -- or they're at least having a hard time doing it. But at least there's money for small businesses coming out of Asia. It's not all Wall St.-bound.
Crude oil falls on U.S. recession concerns (Bloomberg via Tribune)
The good news continues to be that oil is dropping, which should bring some much-needed relief to US consumers. That's meant to be a joke.
Chinese Bank Shares Fall Sharply (AP)
More from the gloom & doom edition: Shares of Chinese banks have been whacked on anticipation of big -- of course -- subprime writedowns. The real issue is that shares of the Bank of China fell 4.1 percent in Shanghai and 6.1 percent in Hong Kong, confounding efficient markets theorists everywhere. So the question is: who's going to come through with the capital infusion the bank needs? The Chinese Development Bank or Abu Dhabi?

UBS Recommends Investors Buy Equities During Market Correction (Bloomberg)
Here's some spittin' in the wind for ya. UBS has put the "buy" call out, saying that stocks in past recessions have rallied once they've done down this far: ``The S&P 500 has reached this point,'' Bianco wrote. ``We encourage investors to use this correction as a buying opportunity.'' Why is it hard to be comforted by past measures such as these when you're right in the thick of things?
Up All Night: Watching the Markets (Paul Kedrosky)
This is not the official Dealbreaker stance, and not even necessarily the official stance of the Opening Bell, but sometimes we like CNBC Asia more than plain old CNBC. It's hard to put a finger on it. Paul Kedrosky was up all night watching the wreckage overseas, and he's got screenshots to prove it! Just in case you don't believe the internet on how bad it was.
Can uJogo Make Money with Free Online Poker? (GigaOM)
Okay, today will be all gloom, gloom, gloom, gloom and poker. GigaOM looks at a startup trying to do free online poker in the US, except it actually wants to find a way to get people to play real, you know, as if they were gambling real chips and had something at stake. Sounds like a longshot. Then again, there are plenty of trading sites that offer free practice with unlimited backtesting, as if that's going to really help.
This Is Why I'm Not a Trader (CrossingWallStreet)
Eddie's got a video, which appears to have been made yesterday, of an at-home trader losing his mind and his shirt trading the futures. Might help you get some of the stress out. Check it out. You know, Schadenfreude.