This was mainly due to SEC's meeting being postponed (which was scheduled for today) and some of the articles by a few individuals on weekend newspapers.
Due to these reasons small investors have started to panic again, and trying to clear their portfolios as if it's the end of the stock market.
Although the SEC is not very favourable in relaxing credit, most fractions are very confident that SEC would and should announce some favourable and positive new regulations to the market. It's highly possible that this will happen sooner than later.
The panic selling should ease off during the morning session and market would settle at a marginal level by end of the day. It is highly advisable to small investors to not to panic and be patient, as when the market picks up in the very near future, the panic sellers would be the ones who have lost in the race.
If one has the holding power, have a wait and see approach as the things unfold. They are the real winners in the end. Cos for many, market has already bottomed out. Being a panic seller at this point is no difference to being a ........... !!!