"And now the other 1/2 of the story."  Paul Harvey"

Asian markets took it on the chin last night with nearly every market down.  Europe is following Asia with broad based declines.  The futures market for the S&P as well as the nasdaq is predicting a gap down at the open of U S stock markets.  I am not sure what the treasurey market has in store, but treasuries should rise as traders flee to safety. 

As Norbert pointed out, a headline could trigger a short covering rally anytime and while I whole heartedly agree with that, I am convinced that the trend is down with any real bottom being some distance away.

uh