The index is currently at 1213.92, just off the day's low, DJIA down 391.59, ditto.
When we started getting Error 503 messages from ZeroHedge we thought it was time to but them on the blogroll (at left).
Here's some earlier commentary:
ES Drops To November 2010 Swing Levels; Next Support 1155, After That: Jackson Hole 2
For months we have been warning that the only thing that can allow QE3 to proceed is a 25% drop in the S&P. Of course, algos and their idiot Ph.D. creators would force the robots to gobble up every drop due to beyond inane mean reversion and BTFD triggers. Well, today that realization is finally dawning (as hundreds of 19 year old quants suddenly find themselves out of a job). As the chart below shows, however, the market still has a long way to go to the downside, so for all those buying here and the market will promptly soar on hopes QE3, disappointment seems guaranteed. In the meantime technicals still rule, with the ES now at November 2010 swing highs, which will likely be taken out soon, and will tumble to the December swing lows, just above 1150....MOREWe also added Drudge with a half dozen more to come.