Markets Tank in Today's Action

Add a credit crunch, concern about mortgage paper and a downgrade of a major Investment Bank and you get today's action. The SPYs sold off late in the day. No one wants to hold anything over the weekend for fear of what news will emerge in the next two days. Notice the heavy volume at the end of today's trading.



Here's the 5-day chart. The markets can't seem to maintain any upward momentum.



And here's the daily chart. We're trending lower with trade basically revolving around the 200 day SMA.



In short -- this is a very unhappy market.

On another note, I will post sporadically until Monday morning.

Have a good weekend.