Today was certainly a change in character for the market, at least compared to the last couple of weeks. The market was starting to show some resilience, in that it was beginning to hang in there despite more bad news coming out on bank write-downs and the economy. But then today, AIG came out with a write-down that was totally expected, and the market got slaughtered.Looking at the technicals, in one fell swoop it looks like the market went from a setup of benign consolidation to one that looks like a retest of the January lows may be in the cards.
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[Source: The Money Blogs]
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