There is a little Downside Trade channel I'll be watching, with the premarket..... If we hit the bottom of that expect a bounce... it's a little steep.

Here is a few days of the SPY... and some targets....

38.2% is 136.4

50% is 135.5

76.4 is 133.5

I would expect a fight in the middle of the trading range 135.5... of course every time I say this stuff I get Shank-ed in the Yard...

Just wait... the big announcement about the 3 billion for AMBAC will be today....

I swear that is cooked in... I'll probably save some cash to short that bounce...