While the market plummeted 311 points today on loan worries; it is easy for people to forget the market is still up. Last week when the Dow broke 14,000; it was up 12.3% for the year. Now the market is up 8.1%. But are we really in a crisis? Market corrections are a normal part of the action and we will live through it. People celebrate when their favorite retail stores have a sale and drop prices; but when the stock market has a sale they panic.

The NYSE had volume of 4.2 billion shares with 313 shares advancing while 3,036 declined for a loss of 275.98 points to close at 9,654.38. On the NASDAQ, 3.5 billion shares traded, 553 advanced and 2,583 declined for a loss of 48.83 to 2599.34.

Akamai Technologies (NASDAQ: AKAM) fell $8.91 (-19%) to $38.27 on outlook. The Goodyear Tire & Rubber Company (NYSE: GT) fell $2.87 (-9%) to $29.18 on cut forecasts. Sotheby's (NYSE: BID) fell $5.60 (-11%) to $45.50. OfficeMax Incorporated (NYSE: OMX) fell $3.1 (-8%) to $33.65 after Office Depot (NYSE: ODP) weighed down the sector with lower results.

The options market saw about two and have time normal activity with 11.3 million puts and 8.6 million calls for a put call ratio of 1.3. A lot of this volume was on the indexes we usually ignore index option volume because it isn't that interesting by the PowerShares QQQ Trust ETF (NASDAQ: QQQQ) saw heavy volume on the August 50 calls (QQQHX) with over 109,815 options trading and the 49 calls (QQQHW) moved over 84,000 contracts. On the put side of things there were a lot of people buying insurance with the August 48 puts (QQQTV) moving 147,000 options trading and the August 49 puts (QQQTW) counted over 122,000 options traded. Apple Computer (NASDAQ: AAPL) saw heavy volume on the August 150 calls (APVHJ) with over 74,816 options trading as the stock moved up 6% today. General Motors (NYSE: GM) saw heavy volume on the January 40 calls (GMAH) with over 33,000 options trading.

Kevin Kersten is an Options Analyst with InvestorsObserver.com. Mr. Kersten does own Office Depot Stock.

Chrysler Group will go through a major restructuring due to declining sales. The company's plan is extraordinarily ambitious. It plans to cut the costs of producing every vehicle it manufacturers by $1,000. The company may also seek longer-term relationships with suppliers in exchange for better pricing. What's more, a plant may be closed.

Chrysler's parent, DaimlerChrysler (NYSE: DCX) , will also send a hit team of senior officials from Germany to review marketing, production, and purchasing practices. These must be things that the Germans do better than their American counterparts.

Chrysler has now caught the flu that has been spreading around Detroit and has caused Ford Motor Co. (NYSE: F) to work on cutting $5 billion in costs a year while General Motors Corp. (NYSE: GM) is targeting $9 billion. GM, Ford, and Chrysler sales have been poor this year despite a reasonable September. But Toyota Motor Corp (NYSE: TM) and Honda Motor (NYSE: HMC) have continued to pour on the coals as they gain share almost every month.

As Jerry Flint, the venerable car writer from Forbes has pointed out, costs are not Detroit's problem. The Big Three simply don't make enough cars that buyers want.