"..if you need a friend , get a dog"

...maybe Gekko meant..Paulson and /or Bernanke?...cause that's the kind of friend this market needs!.  Maybe today's action expedited the inevitable.  Back on Aug 21 premkt, we noted.. "yesterday around 130pm it was released that Paulson would be in on a slumber party w/ Bernanke today and a politician and market picked up...coincidence...nah...Now.....on CNBC U.S. Treasury's Paulson says U.S., Global economy are strong ..Says credit is being repriced across financial markets. Says there is liquidity concern, will take time to play out. ...Treasury Sec Paulson on CNBC says they've been seeing stresses and strains in a number of capital mkts, but this is against the backdrop of a very strong global economy ....definitely 'working the room' you could say..lets see if it helps today as well..Paulson usually gets his mates going.."

Interestingly, where their 'mates' got us going was taken away today.... 6-7 trading days gone in a 'poof'`today.  What we need now is intervention again, except this time in real terms.  No more working the rooms is going to sustain this market.  Simply, the day didn't start in a good way when Merrill became naughty and downgraded C-LEH-BSC.   This gave light to charts as the influential banking sec was going to play a role here. The break of Thursdays low's was noted this weekend in charts as a potential mark for further downside risk.  It came.  These levels were broken very early in the morning on the NASD 2530/ SPX.  If you're trading millions, fine, use these technicals to get your book out, but if you are trading a few stocks it is probably best you stick it out if you cannot trade these plays hour by hour. 

Midday,  you had to be impressed by the snap backs in VMW, DRYS and a few other recent DJIM names that were hanging 'green'.  Then the FOMC minutes were released and anything hanging tough, started to weaken as the selling gained steam.  If you have been trading this market with us, you know, we've said this volatility will not go away overnight and today it came back in bunches.   So, you still have a few choices and that is either suck up days like this and appreciate the recent runs in WX, VMW or go cash and miss the 'intervention' that will likely cause this market to go up and take your holds with it.  Overdone like dinner, todays selling activity was in most respects.  Also, as far individual stocks being traded here recently, watch the 9ema as potential bounce activity or if broken with volume as a way for you to say good bye to a loved one.  You had VMW , WX , DRYS  pretty well bounce off this level today.  Despite the flogging today, we still have most plays over 9ema and therefore, in play.

Dog days of summer... need some bark

They are scouting G.Gekkos next lunch in London now, unfortuantely,  all the material they need for the market charcters is in the U.S as far as wankers are concerned this summer.