Markets taking another bath today

[MadisonProgressive]

DJIA 10324.46 -96.98 -0.93%
NASDAQ 2055.31 -15.35 -0.74%
S&P 500 1194.50 -6.23 -0.52%

[Pirate Smile]

1. Crude oil currently $59.80 per barrel.

[DakotaDemocrat]

2. How dare you post such tripe,

like the truth.

You anti-American truthist, that's what ya are...

[orwell]

3. Well

this comes after a very powerful run-up over the last couple of months. We are still in the realm of a normal correction after a large rally. Oil is just a headline story to give a "reason" for the correction. (Funny, they were rallying when oil was a few bucks per barrel lower...)

If we don't hold 1190 on the S&P, it will be a bit more serious.

By and large, my initial forecast at the beginning of the year was for very high volatility choppy trading for the better part of three quarters (a large topping distribution phase if you will.) If we are going to get a major sell off it would be most likely after the summer. If we took out the lows set earlier this year, all bets would be off.

The trigger event could be some kind of shock to the California real estate market or a big hedge fund blowing up.

But as always, my crystal ball is made in China...I bought it at WalMart ;)

[spanone]

4. This is our 'Robust' economy.