After being down a stunning 80 points today, the S&P futures are down another 28 overnight, or more than 100 in 24 hours.
Global confidence has been effectively shattered. The outright lies of governments worldwide - that there was no need to de-lever, there was no need to take insolvent banks into receivership, we could spend more and more on "stimulus" programs along with social spending and that demand represented by deficit spending was all sustainable GDP - all is being exposed as an utter load of crap and the "valuations" these lies have supported are being systematically shredded.
There is no floor as things sit right now. From a volumetric perspective we have broken key levels with the next serious support in the 900s on the S&P 500.
Price is now back to levels last seen in the early part of 2009 and if the market does not hold up there we are headed for the 666 lows and below.
This evening we are losing about ten points per hour in the overnight session, implying that we will lock-limit down at -50 on the S&P 500 before midnight!
The arrogance of our government - at all levels - has finally reached the point where the markets give the finger to it all. What's worse is that it's not just us - it's also Europe, where the willful and intentional refusal to deal with the peripheral nations' problems have turned into a monstrous mess.
To put this in the proper perspective over the last ten trading days we have gone from 1328 on the S&P to 1081, a loss of nearly 19%!
The DOW has gone from 12458 to 10450 - a loss of nearly 20%.
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