At last glance, the DOW was down 521 points today and is looming under 15,900. Not to say that I was surprised, because I'm not. I am only surprised that it took this long to get here. All the signs have been flashing bright psychedelic colors for months and all rational observations have indicated that things are not what has been painted by the government and main street media.
The only question that should be asked now is are we there yet?
There is no doubt that we are at the tipping point. We are definitely not at the bottom, but at the beginning, and I would expect some massive repercussions to follow in the next few days or weeks ahead. Many hedge funds and companies are highly leveraged and many derivatives have bet on some kind of stability in the markets - its going to anything but normal. The fallout is only starting and I expect some financial institutions to soon announce that they are in trouble. How about Walmart announcing the closure of 200 stores?...
The 'dream team' will again be busy this weekend, but I think this time their guns are going to be empty. Hype and words are not going to get it done this time. Pray for a long long weekend so they can put out some good spin on Tuesday.