THE DISASTER

Markets closed at the lows and that should have been pretty pretty clear in the early afternoon.

LEH is the reason of the day as it dipped under Bove's target price of $20 to $7+ and it probably gets taken out for the standard price of $2- not sure by who but its probably coming.

No sectors in the green- with brokers, metals, steel, oils and homies the worst performers.

NYSE- 2400 net losers;

NAZ- 1700 net losers;

The exchanges very ugly with NYX ICE both down over 10% with NDAQ CME down about 7%- exchanges going out of business.

SPX at/near the 1225 level and approaching the all important 1200/1170 areas- bear market/bull market lows- and 50% retrace at 1170.

Yesterday was a pretty good tell that today would be ugly- just wish I was short more coming in but it is what it is- and everything going down as the world levers down.

Finally, now that Hank and his team have bought up FNM/FRE- where are the remaining bullits to stop a downward spiral? Oh and Jimmy looking for another bottom - now that all his others never held.