A large crowd has been gathered overnight in the chaRTroom monitoring the decline. Actually, for awhile, we were monitoring a bounce, The 1911 low had recovered to trigger a buy signal I outlined at 1926.50, target 1934 and potentially 1938.50. Eventually, it attacked 1943. Momentum reversing under 1935 quickly reached its 1922.50 target.

Most stunning of all was after bouncing 61.8% back to 1935. The decline resumed, and within two hours had fulfilled a 161.8% projection at 1892.

Most stunning, and also most interesting, because this area starts to fulfill the minimum objective for retesting the throat of October's "V" bottom..Either the bearish WedEX will be ignored (i.e. invalidated, as it is too late to invert) so that a rally can develop with little hesitation, or else we've barely scratched the surface.

The alternative to a bottom may be to break. Not break support, but break. (Nasdaq Futures were halted literally 3 minutes after I wrote the prior sentence). Profitability in today's session goes beyond buy and sell signals, and depends upon systems remaining up and running.

Also be aware that we're dealing with much more sizable moves. 5-6 tick stops in a normal environment could equate to 5-6 points today. Making a wrong move or staying too long could devastate your account. Similarly, price information you might normally consider as confirming a position is valid could be only noise.

The bottom line to it all is that there is no bottom line to it all today. If you're trading at all -- which isn't required of you -- consider shrinking the size of your normal positions. Always work to avoid overtrading, today more than any other day.

Best of luck!