Market opened with a gap down and then tested the 825 support/resistance level but failed to break through upwasrds. From there price trended down and late in the day another unsuccessful charge up ended on a step sell off to close almost at the LOD. VIX fell 1.32% on the day which makes this “change in direction” of trend suspect until proven differently. Volume was dismal an even lower that the previous day. Financials were for most of the day relatively strong but succumbed to the final sell off.

Some GM bankrupt chatter, Soros voicing his bearishness and the IMF forecasting toxic assets on the balance sheets of financial corporations could reach $4 trillion. Market seems more interested on AA forecast and the big banks earnings reports in the following days.

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