U.S. stock markets may continue their slide from last week as investors brace themselves for the latest report on the service sector from the Institute for Supply Management. Stock futures are down following a sell-off in markets in Europe and Asia.

The closely watched Institute for Supply Management's index of non-manufacturing businesses is due to be released at 10 a.m. New York time. A Bloomberg News survey estimates that the index probably fell to 57 in February from 59 the previous month.

Pundits are divided over whether the market was headed down an Olympic grand slalom ski course or a gentle bunny slope. Speeches later today by Fed Governor Kevin Warsh, Fed Governor Randall Kroszner and Fed Bank of St. Louis President William Poole might help clarify matters. Then again, they may just further confuse them.

In corporate news:

The Blackstone Group has emerged as the leading bidder for DaimlerChrysler AG's (NYSE:DCX) Chrysler, according to the Detroit News. Reuters reports that other potential buyers include General Motors Corp. (NYSE:GM) and Cerberus Capital Management.

Alltel Corp. (NYSE:AT) is stepping up efforts to tell itself to larger rivals such as Verizon Communications Inc. (NYSE:VZ) or Sprint Nextel Corp. (NYSE:S), according to the Wall Street Journal.

Gee, I wonder which one of the many bidders is leaking this stuff to the media.

Research in Motion Ltd. (NASDAQ:RIMM) is hitting the reset button on its earnings. The maker of the Blackberry is restating results from fiscal years 2004, 2005, 2006 as well as the first quarter in 2007 following a review of stock-option grants.

Computer glitches forced delays yesterday for passengers on U.S. Airways Group Inc. (NYSE:LCC). Passengers at Charlotte-Douglas International Airport waited at terminals for as long as an hour and a half because U.S. Airways' automated kiosks didn't work. The airline should phone up JetBlue Airways Corp. (NASDAQ:JBLU) Chief Executive David Neeleman for pointers on apologizing to passengers.

Investors are coming to rescue the market from yesterday's dramatic sell-off as if it were a damsel in distress.

Early this morning, S&P Futures, Dow Jones Industrial Average and NASDAQ-100 futures were all up in trading in Europe. The Shanghai Composite Index, whose decline lead to the drop-off in U.S. markets, rebounded today helped by supportive comments from the government and buying by individual investors, according to the Wall Street Journal (subscription required). Investors may be sitting on the sidelines until Federal Reserve Chairman Ben Bernancke's testimony before the House Budget Committee later today.

The world markets may have jumped the gun on China. Many people in China keep their money in the bank or propriety rather than the stock market, according to The Journal, adding that analysts argue that the markets remain too small for any move in the indexes to have any impact on consumer spending. The U.S. economy remains strong too with consumer confidence almost a 6 year high.

Even though this may not have been a market meltdown Investors shouldn't just shrug their shoulders and continue as if nothing happened. There are reasons to worry. For one thing, many Chinese stocks have gotten huge valuations on U.S. markets that might not be supported by their underlying business. Plus, the shakiness among subprime lenders isn't going to get any better.

The key as my follow bloggers and "The Hitchhiker's Guide to the Galaxy" point out is not to panic. Don't start burying your money in Mason Jars in your backyard or stuffing it inside your mattress. Data shows that investors do well in the market over the LONG-TERM provided that they have a diversified portfolio of investments. In other words. don't put all of your eggs in one basket.