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My spats at bullishness over the past week have cost me dearly. Thank God for all these shorts and puts I have. May the great god Ursa forgive me for every buying stocks. I won't let it happen again.

Now let me make this important point: from the standpoint of support and resistance, nothing exists on the S&P until around 450. The price levels we are at now were all established during the virtually uninterrupted run-up from November 1994 through January 1996. There is very little price concentration anywhere near us now.

Aww, shoot, there's that bug again. You have to click "Present" to see the chart with the most recent bar. Anyway. The point is that there it's a long way until we get a "floor". It's easy to get caught up in the day to day machinations of the market. But remember this: it's all about support and resistance. And we'll have to fall another 40% from these levels before we get something to stand upon.