Market capitulation under way

[caption id="attachment_316" align="aligncenter" width="500" caption="YM (mini-Dow futures)"][YM][][/caption] [caption id="attachment_317" align="aligncenter" width="500" caption="DJIA and VIX (volatility index)"][DJIA and VIX][][/caption] See graphs. DJIA closed at 8580 today. This is history in the making!

WSJ: Industrials Drop 680 After Late Collapse

[caption id="attachment_319" align="aligncenter" width="500" caption="S&P 500 weekly from 1990 to 2008"][S&P 500][][/caption] The DJIA is too manipulated. GM was downgraded today by S&P, conveniently when GM is testing it's long term low. Just where the heck were these guys a few weeks back? Do they think we're idiots? This is blatant market manipulation! Anyway, enough with the vent. I was just going to point out this week's market plunge with respect to the longer term picture. S&P 500 at 903 today is just shy of its 900 support. Next support would be 750. The million dollar question is, will we see 750 or 1000 first?

[YM]: http://traderpau.files.wordpress.com/2008/10/2008-10-09-ym.png [DJIA and VIX]: http://traderpau.files.wordpress.com/2008/10/2008-10-09-vix.png [S&P 500]: http://traderpau.files.wordpress.com/2008/10/2008-10-09-spx.png