Ominous

"Man looks in the abyss. There's nothing looking back at him. At that moment, man finds his character. And that is what keeps him out of the abyss."
--Lou Mannheim (Wall Street)

Ominous action today as a 400+ pt morning move higher in the Dow didn't stick, and domestic equity markets finished instead in the red, down about 1% and closing on the low tick.

The SPX closed today on yesterday's intraday lows, suggesting that the index is peering into a near term abyss.

Longer term perspective reveals that this selloff has brought us down to the uptrend line formed from the March 2009 lows. As such, a significant break lower from here that sticks would technically 'end' the uptrend.

In early afternoon I did decide to get involved with the banking complex, with JPM as my vehicle of choice.

position in SPX, JPM