Relentless selling from start to finish. New lows and no profit taking by the shorts at the end of the trading day. The culprids were news of Premier Wen Jiabao not announcing any expansion of China’s stimulus package. GM been effectively bankrupt unless the government steps in and says it isn’t. Citigroup under a $1 [...]

Overnight news of a Chinese stimulus package lifted sentiments as well as energy and natural resource stocks and commodities. Once the gap to Pivot Point was closed, the market took off on decreasing volume on the upside. This coupled with GE record lows and the relative weakness of the Financial Sector made the rally uncertain. [...]

The market started making new lows (S&P 500 734.52) from those of November (S&P 500 741.02). The rest of the day was choppy and ended with the S&P 500 closing at a 12 year low. Volume was high.
Surprisingly the S&P 500 printed a 12 year low but no crash occurred. Also fear indicators while high [...]