Further falls on markets as gloom about Greek, Spanish, Portugese debt persist

The Dow Jones Industrials fell as much as 180 pts today, with the index currently down around 130 pts to 9,875. Long positions on DOW fell through stop losses at 9,850 rounding off a very poor week for Contrarian Investor. The scale of the falls have surprised me and although weakness was expected after the early January euphoria the S&P 500 falling through 1,050 in the space of a week exposed the volatility and unpredictibility of this market. Given the earnings outlook for this year, many shares seem to represent good value.