After the meltdown on Monday, the benchmark Sensex dropped another 338 points, stretching the downward trend for the fourth day in a row, with banking stocks sliding on reports of ICICI Bank reporting a market to market loss of 264.34 million dollar.

On the basis of the last consecutive three trading days we can strongly confirm that the U.S. economic condition has definitely become less favorable and it is about to face a severe dollar crisis. During those last three days, the dollar dropped several times to new records low versus the 15-nation currency.

The widely followed stock market averages finished higher Friday after working through a number of conflicting signals. On the negative side, Google (525.00, GOOG) was off on disappointing earnings results and recession concerns were fanned by both non-farm payrolls and construction spending.

U.S. markets were volatile throughout the day, but all major U.S. equity indexes maintained positive momentum and closed higher.

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Intel's weak outlook is punishing not only the tech stocks, but also the entire US markets. While the stocks are poised to open weak, they have come out of their worst levels.

The stock markets in United States fell more than two percent on recession worries. They extended earlier losses as some economic analysts say the United States may already be in recession. All three major U.S. stock indexes ended down more than 2 percent after a record quarterly loss at Citigroup. Intel stock plunges about 13% as investors react to the company's earnings and guidance.

Fidelity's Magellan Mutual Fund will accept new accounts for first time in decade as it reopens for investors.

Asian shares started the week on a fairly gloomy note on Monday after a fall in US markets on Friday. Another reason for the decline was a lowering of the growth forecasts for the region by a major broker.

Last week, the Hong Kong market fell sharply. The subprime crisis led a US recession. Weakness in the American markets dragged down the Hong Kong market.

Market commentators say that the fear is a major factor today ahead of U.S. Stock Markets open. Although IBM reported better than expected results, A.G. Edwards Chief Market Strategist Al Goldman says "the stock market will experience some short-lived bounces," but he think the rebound is several months off.

Black Dragon Resource Companies (BDGR), previously at $0.021 up 85% at $0.039 with 6,575,584 shares traded, was highlighted by OTC Picks, Penny Buster and OTC Stock Exchange. Black Dragon Resources announced that it has potentially secured $100,000,000 in financing from an un-named Joint Partner. The financing agreement was contingent on Black Dragon Resources ability to confirm its oil and gas reserves have a value of at least $2.7 billion dollars, through an audit that will be completed within the week.