DOW UNDER 10K

Looks like a down open under 10k on the dow. Yesterday we broke below 200 day moving averages decisively and the market is extremely oversold. A rally of a vicious nature is coming (several hundred points) but who is to say it comes from here or 500 points lower. Simply put..it doesnt look good right now and the charts look increasingly bearish for the next number of months.

No news this morning on the corporate side. No upgrades or downgrades. I dont think it matters any as the market is driving everything. The dollar is selling off this morning. Stock futures were higher overnight but are now sharply lower again. Crude is down, nat gas is up. Euro stocks are down. 10 year rates which just recently broke above 4 percent are now sitting at 3.15! Not pretty.

Another morning where i think a long walk is in order.