A clear short signal was given between 1:30PM-2:30PM. It was the breakdown in the wedge pattern. There was no signal to cover today. The decline was sudden nad painful for those who were unable to react quick enough.

Another historic day and massive drop in the Dow. We had a 797 point range during the day! In the third primary leg of a bar market, I stated that this leg and any follow legs will exhibit the most erratic and volatile sessions of all. The reason is because we’re at a point where almost everyone just wants to liquidate, liquidate, liquidate.

It sounds like a war, doesn't it? It's the corporate type that will most likely end up in court somewhere. Citigroup (C) offered to pay $2.1 billion for Wachovia's (WB) banking operations just 4 days ago. What I don't understand is how Wells Fargo (WFC) could go behind Citigroup's back and do a deal, just like that. A copy of the exclusive agreement between WB and C can be found here.