Back in October Art Hogan of Jefferies, who is a guy who I listen to a lot, famously stuck his neck out and called the bottom on the DOW on CNBC at 7882.50. It was mentioned so often it became known on CNBC by Mark Haynes and Erin Burnett and others, as 'the Hogan bottom' or even 'Hogan's bottom'. Today, however, after Art Cashin yesterday, his stance seems to have changed. He didn't actually say the markets were going lower but he did say this would be a very tough couple of days and he was not at all confident the bottom would hold. The reason for the change is, he says, because the FED has changed the rules by changing the TARP and there is no clarity regarding the automakers bailout/bankruptcy.
So it would appear that there is a consensus that the Oct. 10 low of 7882 will be taken out. Art Hogan says we need some clarity from the FED, but there was at least one guy - Oscar Carboni at livewithoscar.com who has been saying all along that this market was going lower. He said days ago that the S&P would go to 807. He bases his analysis almost purely on the charts and indicators, though he does keep up with the news and the general pervading economic gloom.
Oscar has also said the S&P is headed towards 723 and probably 688 - if there is a rally it will be short-lived and he will be shorting it at the top.
So it looks like more downside pain for the time being and hopefully a turn up in the markets, possibly after the Thanksgiving holiday or maybe in the New Year. That's just a guess by the way, not a prediction.
People are also talking about breaking up Citigroup!