S&P500 Goes Ugly
* Going into this morning's open, key circa 2660 on S&P (15 min. chart) had been successfully tested twice -- which, combined with the rally to 2686, led me to think positively heading into normal trading hours this morning
* But after the first hour of trading, the 2660 zone was decisively broken and the market duly continued to drop
* Only positive at this stage is that S&P bounced off 2576 support near the close;
* But, then again, this market has lately been slicing through support zones -- and the firmest area of support does not come until another 100 points or so down in 2490-2500 area.
* Bottom line: the probabilities continue to favor the short side