S&P has bottomed out for now....

After Fridays panic, and the powerful bounce that followed taking the S&P to 1216 from 1168, it seemed that a temporary bottom had formed. However, on Monday the gains evaporated and a new low was seen at 1118. Overnight, the market continued to tank late after the market closed, finally settling at the 1080 level. I dont think anyone could have imagined such a crash, but im sure some were able to sense the turning point around 1080..

---------------------------------Updating this post today August 26.. Im still not convinced we've seen the worst of it.. I think we could get down to 1030-1032 before a sustained move higher...