The bears are back and you're gonna be in trouble.

Hey la. Hey la.

Now let's see if they can sustain this for a couple of days.

DOW -475!!

Ouch! Ouch!

Hey La! Hey La! The bear is back! Love it SPG, I just had to join in the chorus there. LOL

It's going to create a dillema if we do get a sharp closing sell off. Those sharp closing moves, almost always rebound on the open. I think there's one so far that didn't. My rule about the opening bar, too is holding out. The two days where we had spinning top indecisive bars for the first 5 minutes weren't especially helpful. On the days where we've had a decisive opening move, only once did that fail to predict the outcome for the day.

So....if we get a sharp drop on the close, that strongly suggests a reversal tomorrow. OTOH, this seems like a fairly strong drop. That's going to be a real quandary if it happens.

Now that the election is over, the traders can focus down again on how bad things REALLY are

Reverse Engineer

Nothing like a 5% drop in the DOW to welcome in the new president elect.

Down about 500...at the close

Where are we going?

My personal belief is we head back towards 8000...

SPG-

Not really a huge drop at the end...the last hour was just mostly downhill...

It'll be interesting to see how Asia reacts to this tonight. They've been on a pretty solid rally for a about 10 days.

Check this headling from Bloomberg. It morphed throughout the day to this:

US Stocks Drop on Concern Obama Will Struggle to Reverse Slowing Economy.

Link: Lower Right side of screen under Related Stories

Yep, it's all Obama's fault.

Yeah. The other thing about that is that most of those big moves have been in pretty flat regions of the chart. A big sudden movement in a flat part of the chart is very likely to reverse back to the moving average. A sudden down movement in a region where the chart is already steeply trending doesn't necessarily carry the same implications. My hunch is that we're owed at least one more shot at trying to break the 2003 lows. It just doesn't feel right otherwise. We dropped off a cliff, rolled around for two weeks moaning in pain, and then suddenly we charge back up the mountain like nothing ever happened?

Mid-long term, securities will continue to lose value. Meredith Whitney video today. The outlook is just terribad.

http://www.cnbc.com/id/15840232?video=920170651&play=1

Holy cow! The q's lost another 2% in post-market trading.

What are the q's???

I see the vultures are already lining up at the Chicago Whitehouse looking for a handout (auto/housing/finance). This should work well. Lets take taxpayer money that we don't have and give it to those guys so they can build cars and trucks nobody is buying. Lets also continue to build 4000sq ft wood boxes that no one can afford.

How about building something useful? Convert a few of those factories into making high speed trains or wind generators...

yeah, no kidding.

the election's over, so now the PPT can afford to relax a bit.

Looks like a bloodbath in Japan. Down almost 5% in the first 15 minutes of trading.