Market Alert - Last Hour

-700 to -800 to -1100 to -1598.08 on the Dow on the low. That took DJ30 down 10% an 'official' correction. Some recovery since, but in the last half of the last hour the bids have faded. Thus likely some more downside Tuesday, but that could be the washout, the reversal as talked about over the weekend. There was some real panic at almost -1600 that triggered a bounce, now some more giveback. That sets up Tuesday as noted.

We are mostly holding on to what we had left at this point; not much reason to sell the last of everything though there are some positions that have not come back very well and we would just as soon close them.

Lots of panic on the financial stations, lots of heavy breathing, but also the usual people saying time to buy, etc. Well, we will see about that on Tuesday as we will look at some of the big names. The thing is, there might not be many patterns that are left unbroken after today. But, they will still provide a nice relief move.

Bonds made new lows and then closed higher. Perhaps the bond selling is over for now and that would help stocks rebound.

SP500 -105.94, -3.84%
NASDAQ -251.46, -3.45%
DJ30 -1100.37, -4.29%
SP400 -3.24%
RUTX -2.075
SOX -4.24%
NASDAQ 100 -3.53%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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