Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Ummmm, at this time only Green Mountain Coffee (GMCR) and Pandora (P) are green out of a multitude of watch lists I keep. So I think it is safe to say we are going to have a 90% downside day unless Jon Hilsenrath breaks in with a QE3 story this afternoon.
The “triple bottom” at 1357 obviously broke and we’re quickly seeing the S&P 500 at 1350ish. As noted earlier, 1340 is a key support and with today being the first day of real panic (a lot of stocks with good fundamentals down 4 to 7%) it starts to get dangerous for shorts the more we go down in straight line. Keep in mind the S&P 500 was 1415 a week ago.
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