Bears eat again

Futures are down 110

I heard a lot of bottom picking yesterday, but not with a lot of backing...

stuff like "the bears have eaten well"

and "some of the market leadership is looking good."

I suspect some distribution between 13000 and 12800.

My mind is moving to Turkey day, as I'm mind full of all the things to do this weekend.

it would be interesting to see some neutral trading, maybe even a new low, then some back fill... and put the market to bed.

Why would we just test the august lows.... if you think about it, we went into 3 months of denial... That is all we have bled off... 3 months of denial. Now we realize we have a problem, and it's bigger than we expected... Testing march...

I think we will pause here.

they never talk to santelli anymore about the fed rate predictions, because he just says...
"it's a flight to safety... Regardless of the cost."

and CNBC wants to speculate on a rate cut, To save the market, like children.

This is the kind of denial in the market, that starts to make me think about a crash.

Overnight Libor, good news is it was down yesterday, but flat today...

3 month libor up to 5% but it has stopped accelerating to the upside. But they aren't worried about loaning money over thanksgiving.

1.4850 is the new overnight low for the Peso er dollar. I would call another top... but that worked out so well the last time. This new low is speculation that the fed has to cut... and they may.

and even I am getting a little neutral on if they will or should or cant. My original call is that the ECB has to cut first.

Does CNBC get tired of constantly calling bottoms in things