Worden's trusty T2108 indicator (% of NYSE stocks above their 40-day moving averages) dropped 23.71% today and closed below 20. As I've pointed out several times before when it reaches 20 the market's seriously oversold. When I pointed out the break of 20 back in March the market quickly bounced, pushing T2108 up to 36. But a week later the market had fallen again dragging T2108 all the way down to 14. That marked the bottom for the spring. So my point, like I said back in March is that T2108 never spends much time below 20. I'm not saying that tomorrow will be the bottom... but I think some kind of bounce is near. And I certainly wouldn't be initiating shorts here unless I was expecting armageddon. :-)
Reminds me of the "End of the world profit opportunity" comic:
http://bigpicture.typepad.com/comments/2005/08/end_of_the_worl.html