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While Bernanke and the plunge protection team fiddle, the bears burn down Wall Street and waste no time taking prisoners.

Fear leads to panic and panic leads to selling and we're seeing that shock and awe on a daily basis. Once again the ultrashort ETFs (SKF, SJH, SJF, SSG, SRS, FXP, TWM, SEF, etc.) were today's big winners.

The S&P 500 has now dropped -14.5% over the past five sessions and is down -32.2% this year. In fact, the Dow dropped 508 points today which is also the exact same number of points lost back on October 19, 1987. Does anyone think that's just a mere coincidence? I don't think so.