Market turns -450 pts after Bailout passed

[Dave Kennedy]

Before the vote we were at a peak of 10,780 now we reside around 10,350.

Obviously not off to a good start. It certainly didn't stave off the selling we have seen this week on wall street.

Many have said this bailout is to little to late and the great unwinding of the credit market has already gone into 5th gear.

How many out there thing this bill will stablize us?

My vote (Yes). It will stablize us but only temporarily. It buys us time but we still go into the collapse we were going to go in without it. It's just not going to be as steep.

Unfortunately the effects will now be longer lasting because we just added a burned to tax payers that will only compound the pain and accelerate a weakening dollar and higher inflation.

Next Monday could be the bombshell. As the market digests the Bill over the weekend and people understand the full impact we may see some panic when they realize this isnt the silve bullet. Credit markets are blowing up and becoming more no existant by the hour. This weekend it'll only get worse before it gets better.

It's kind of odd how we could have our biggest stock market implosion, yes bigger then this past Monday, in October. Is it just coincedence that we typically have these huge sell offs in the month? Black Monday marked the start of the Great Depression when the market tanked. We also had Black Monday in 87', our 3rd biggest market collapse ever (percentage wise).

Is history doomed to repeat itself? Next Monday could be that day...

Cue dramatic music......