Now that the jobs report is behind us, the marketplace will put all focus on sovereign debt anxieties abroad. Part of the reason for panic has to due with the size of deficits in specific EU countries and their inability to print new Euros to guarantee the timely repayment of debt they issue. The US government can print dollars to cover deficits and back the AAA rating of their debt...Greece, Spain, and Portugal cannot do that, so when they attempt to raise money to fund their deficit spending, bond buyers demand a higher yield to compensate for added default risk. This increases the size of the deficit and raises investor doubts about those country's abilities to repay borrowed funds. This creates a downward spiral which usually requires some sort of bailout to correct. In this case, one has to assume the IMF is planning on intervening. In my opinion, this is a crisis of confidence. The market is making matters worse by pricing a "worst case scenario" into debt valuations. Some sort of headline news events is coming that will either make this worse or all better....