10am update - this market is going down..HARD

The choppy pre-market action has reverted back to yesterdays consistent weakness. Watching Rick Santelli on clown channel, he remains the only voice of reason amongst the entire mainstream financial TV networks. It is always a wonder he is still 'permitted' on TV for speaking the truth about what are truly dire jobs data.

The daily cycle now becomes paramount to keep in mind...so lets start with....


Sp' daily..bearish H/S scenario

A clear break under the 10 and 50 day MAs. As I noted yesterday, these were always important to break through early in the day, so that's a very good sign for the bears.


Sp'60min

Regardless of the intra-day noise, keep that daily chart in mind. If...it is correct, we do indeed have a considerable way to fall next week.

Right now, bears would certainly like to see the market close down at least 0.5...preferably 1%. Anything under sp'1380 would be a bonus.

*It remains an added bonus to see AAPL -$9 @ 572 (breaking the important $580 level), for me, it confirms the underlying 'hysteria' phase is coming to an end.

Good wishes!