Ouch. I've been watching today and it skirted 9,000 more then once but managed to avoid it. Then the panic set in around 3 and it dropped like a rock.

It's also interesting to note that this makes 3 days in a row where there was a sudden spurt up right at the open. A combination of people thinking we have to reached the bottom and optimists moving on the latest forced good news from the government.

Too many traders are still thinking in the bull market thinking, expecting things to turn around and the market too zoom up once the temporary gloom has passed. That isn't going to happen here. Even if the futures market is unfrozen, we are looking at years of mediocre markets as global growth stalls and housing prices unwind.

Jay