I wonder if Coach Ditka is long or short this market?
You wonder if this will be the time that the bears are able to take control (for more than a few days) and scare off the bulls for awhile?
My guess is that we are going to see a 6-8 week correction here that will test the hearts and souls of the bulls. But don't rule out the month-end action here as 401(k) adds hit the market over the next week.
Bill Cara's Market Thoughts: Traders are nervous, and it is not about earnings as much as it is concern for the US credit market, and the likelihood that widespread failures will lead to a rise in interest rates reflective not of an expanding economy or inflation or speculation, but simply elevated risk of capital markets failure.
Closing Comments from The Fly: Don't be tricked by the jerk off rally, at the end of the day. It's an old trick, sort of like three card Monte.
The Close from DayShark: I covered some QQQQ shorts today as I have a suspicion that we are looking at a nice rally. I suspect some good news is on deck which will put sub prime/credit issues on the back burner at least in the short term.
Barry Ritholtz whippin' out the metaphor on The Credit Window is now Closed.
Bonddad asks, What the Hell Happened Today?