I think the best description as to why the market is dropping is because traders have lost trust.
Watch for the last half hour plunge.
I cleaned out most of my positions this morning. Still have three on the hope that there will be a short covering rally that will fail at 10K DOW. Folks, we are looking at a first stop of 9,500, followed by 9,000, 8500, and then 8,000. Break 8,000 and you will take out the lows of 6,500. No sh#t. There is absolutely no trust in this WH, Fed, Treasury and Congress. Keep your powder dry and vote this Nov.
DOW down 279.
But Dear Leader says things are getting better!
Hope an Change coming to a 401K near you.
Bullcrap. Hussein and Bernanke says everything is kicking ass.
Get with the program. The stimulus worked, the healthcare is popular, and cap and trade is awesome.
The circuit breaker kicked in.