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60 Minutes had a segment today about a second mortgage meltdown coming........... http://www.cbsnews.com/video/watch/?id=4668112n

This guy is right, it was a test of the prior lows. We will likely rally from here, some follow through tomorrow would be nice to see.

My system says stay short, lower to go. Beside that, the damage that's been done is going to take years to repair.

I loved Lou and miss WSW but he wasn't fired from PBS, he developed a cancerous tumor in his back and was unable to do the show. RIP Louis Rukeyser

Once we broke through 10700, the 7500 area is the next level of support. We'll probably get a deadcat bounce first and go down to 7500. I would expect we hold it. Good post!

We may get a dead cat bounce here but there's too much volatility for this to be bottom.

10 am good housing number didn't do much

Surprise! we're up for now. doubt it will last

I agree, there is too much volitility for this to be a bottom. Around 7500 Dow is coming soon. Reality hasn't hit everyone yet, clowns on "the street" are saying hold for the long term. Yeah right clown!

The US is a safe haven right now.

What's 12 to 15? The VIX closed at 52 today.

The US is in jam now. I doubt Obamalama Ding Dong will be able to pass socialist programs. Hopefully we as a country will wake up and end our wasteful spending ways but I doubt we will. Maybe a bounce tomorrow

The new short selling rule is working well! :p

That's ok, the citizens will elect Obamalama Ding Dong. He'll straighten this mess out.:)

And we have a long wait for RE and Unemployment to bottom. The hell is just starting.

If $700 billion does not get this market moving, what will?

Yes and we are near support for the S+P. I could see maybe a bounce but have you looked at the VIX, is that a bullish pattern or what?

The trend is down, how can anyone pick a bottom here?

Yes people are opposed to this and yet Obama is leading in the poles. Do the American people think that voting for Obama will give them less gov't? Less taxpayer help like paying for this "bailout"? If they are so mad then they should be voting Republican.

Dr Greenback, I just heard Brit Hume on Fox say that the Acorn loot was out.