Another ugly day in the market. Louise Yamada was on Fast Money. She gave some depressing numbers for the S&P: 400-600. But, I'm not surprised, though. I mentioned in this space Tim Wood (who is on FSO regularly), and most recently his call for 50-75% retracement of the 1974 - 2007 rally.
I'm sure in the meantime, we will have some monster rallies to scare the bejeebers out of the shorts.
Oil is at $50---If you do not read Ray Merriman's posts (MMA Market Cycles), you might consider doing so. His calls have been uncanny. You don't have to believe in astrology--he could be correlating the stuff to sand grains. It doesn't really matter--what matters is that he said this year that he thought people would be surprised how low oil would go.