It was certainly a bad day for the bulls oh Friday, but the level of angst I saw and heard on Friday surprised me. For all the complaining people are doing, the market really hasn't moved very much over the calendar year and especially not over the last 12 months. I guess the talking heads just don't see the trend channels in which the indices are locked. I just don't see what all the excitement is about, but I guess that's just me. :-)
Edit: That caption on the S&P chart is supposed to say "This range shows that the trend is sideways at best and down at worst."
Is shock and angst a variation on shock and awe? ;-)
The Dow breaking that Wave 4 pivot is pretty darn bearish... combine that with the overwhelmingly bullish sentiment out there and we're looking at much lower prices, methinks. (But I'm probably wrong, lol.)
The "excitement" is probably coming from the nervousness of disappointment. We got no real pre-election rally (more like a fake-out with the S&P 500 breaking the downtrend briefly), and there is little to hang your hat on looking forward. Of course, there is always the post-election rally, the Thanksgiving rally, the Santa Claus rally, and the January-effect rally we *could* look to for hope...