Two Things on this Pivotal Day
1. Bernanke has not fixed anything with QE2 and QE3, just made the overall situation more risky. We have never seen this kind of Fed invasiveness in terms of size or time.
2. Everyone will want to get out on the same day, that probably will not be today, could be, but a couple of weeks down the road look more probable, think 1987 if you want to see a potential outline.
In case you were not there in 1987, over eight weeks the market dropped 36 percent, what today would mean a 999 S&P 500. I have said before that there will will little trade in the S&P between the highs and 1275, most of the volume will occur below 1275.