Black Friday - Is it here?

This is it kids... Black Friday. The futures are down the maximum amount they can be. Circuit breakers have kicked in. It's 7:00am and things are looking very bad. Asian markets were down almost 10% overnight. Look for a similar 10% correction this morning. After that I don't know what to expect. It'll be volatile to say the least. The question is, will this be the bottom and bounce day or will it continue into Monday. Hang on to your hats.
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Well there's one hour left in the trading day, I'm at the DFW airport... I made some money on my SDS stock that shorts the S&P. Will there be a rally into the final hour or a drop? Flip a coin.

Overall, the "crash of 2008" didn't materialize... yet. Next week is the week apparently. One day or multiple days we will dip below 7773 on the Dow.

I'll recap the closing hour after I get home.
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And the final numbers had us down 3.5% across the board. A bad day, but not the disaster that it was thought we'd have based on the futures this morning when the talking heads on TV had us crashing.

More imporantly though is we established new lows on the Dow, S&P and Nasdaq. We continue drifting down. It's painful in that it's 3% here, 5% there... rather than ripping the bandaid off with a 23% quick drop (which is how far we've dropped just in October), we're peeling the bandage off ever so slowly. So when do we finish? Hard to tell. The first support level on the S&P is at 840 and that one is almost certain to fail, next is 777 and then 600. We're at 876 right now. 777 would be a 12% drop from here and 600 would be a 32% drop from here.

777 would also mark a 50% drop from the peak last October. Which means to get back what you lost would require a 100% increase. At 8% a year you're looking at 9 years compounded annually. We won't even talk about the scenario of S&P at 600.

I keep thinking about when I'll get back in, but I don't want to be too early. I already tried playing a bounce and got burned and I don't want to do that again. Fortunately I bit the bullet and sold for a small loss rather than holding on and hoping to reclaim.

I'll get in once there is some confirmation. There are signals, signs, patterns that mark a true buying point. I may miss a small amount while those signals start blinking during the rebound but I'd rather be too late than too early. I want to be the second mouse.

There are a couple of news items next week that could swing the markets and no telling what our wonderful government will pull out of it's hat next so every day is an adventure.

Enjoy the weekend and I'll post anything I come across.