Markets are tanking - Dow plunges 300 points

Only if you've been sleeping or cooped up somewhere did you miss the big news today: the markets are tanking. The Dow is down over 300 points, or 2.2%. The broader markets are faring even worse, with the S&P 500 down 2.4% and the Nasdaq, despite a boost from Apple, down 2.3%.

Already, this is the second-biggest plunge of the year -- and the day isn't over yet. Volatility indicators have been rising well above averages. I don't think it will be the case, but it won't take much today for the Dow to match the 416-point plummet experienced in late February. As the flight to quality ensued, bonds rallied and the yields in the treasury markets plunged.

Investing pundits say this is all because of the continued ailing housing sector, subprime concerns and rising oil prices. I say, this has been a long time coming. Housing has not seen a recovery despite efforts from the Street to find something to hold on to, and yesterday several home builders reported disappointing results. Meanwhile, the subprime concerns continue, as occasionally another financial company reminds us of the effect. Is it a building one? Have we not seen the last?

And finally, oil. Are you kidding me? Despite short-term fluctuations, there is only one direction oil prices can go long-term. Up. Add to the mix the weak dollar's constant reminder of the confidence -- or lack thereof -- in the U.S. economy, and one could have seen this coming miles away (yes, you can tell I've been heavily weighted in cash the past two months).

And Apple? Apple Inc. (NASDAQ: AAPL) just keeps going, ignoring the market at large, not letting anyone destroy the good news it provided last night.

Update: Markets continued their volatile movements, the Dow at some point losing some 400 points, but at the end of the day the Dow close down 311 points or 2.3%, as did the S&P 500. The Nasdaq was the better performer with a 1.8% decline, no doubt boosted by AAPL, up 6.8% in the final minutes of trading.