Crunch Time

It's not in the way you've been treating my friends
It's not in the way that you stayed till the end
--Toto

Feels like one of those defining times for the market. After yesterday's melt, we're within spitting distance of market lows of late 2002/early 2003. And we're opening in the hole with SPX down a coupla percent to 785 early (770ish is the 5 yr ago level that folks are watching).

Angst is palpable. Credit markets remain frozen. Talking heads are crestfallen.

The set up has that binary feel. Either we break thru these levels and melt way lower, or a powerful counter-trend rally is eminent.

no positions