Hammer Time

The chart's legit
Either work hard
Or you might as well quit
--MC Hammer

Been a long time since we've segn this kind of volatility--defined as big intra- and inter-day moves. Yesterday's 'inverted hammer' candlestick turned out to be prescient, as today the bears dropped the hammer on the bulls.

Relentless selling in the afternoon found markets closing on the lows with ~4% losses. Dow was down over 1000 pts once again.

As noted earlier, intuitive place for bulls to make a stand is the 200 day at SPX 2500ish--which is now only a percent or so lower.

Hard not to think of the end-of-week tremors that have preceded some of the largest market bloodbaths in the following week.

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