I think TraderMark is right on this one. It is "Quite an ugly day."

With all of the help that we have seen from the government through rate reductions, capital infusion, etc... the market can't maintain a rally. We had a 420 point jump in the Dow and over a 4% rally in the S&P500 and the next day we just fall flat on our faces.

TraderMark has gone to a 22% short exposure, but it doesn't do much to help out here in this wild market.

"I am now openly worried about what would happen to these stocks if we break S&P 1260," "What is striking is the weakness in foreign stocks; that have nothing to do with the pathetic state of domestic affairs."

We are approaching a strange place... "the individual names are beginning to get interesting but the indexes are (once again) approaching a dangerous inflection point if/when we get back to that 1260/1270 level we just came off of. But volatility remains the watchword of 2008. The day to day action, and total opposite reaction to the previous day continues unchecked. I thought this time with all the rabbits pulled out of the hat by the Fed would at least afford us a 3-4 day rally but not even that is offered .... quite wicked action."