THE DROP

Markets cratered this afternoon on the heels of AIG WMT TGT and finally AXP which was downgraded by a ratings agency.

Technically, 1260 was to be initial support but didn't hold and next stop - well hopefully a rebound tomorrow-

And all those looking for that evasive bottom- I think not as more bad stuff is coming and no doubt more writeoffs for big cap financials that whether you like it or not are levered to the real estate industry- and if you think that the lowest prices are in need to think again- IMVHO.