Once again, it works. As soon as pivot 644 became resistance, short, short, short...did not matter what B2 Bomber Ben said, it was going down. The tripping point was that he mentioned "theorectically reducing rates may work". The market took it as academic and not working. There was no return after that. Bernanke is no Greenspan. This market is a day trader's market. IBM after hours up 5 points. However, tomorrow's numbers are 639, 631 and 617. If it cannot break above 631, you know what to do. Looking at the technicals tonight, Ben screwed up big time for a rally today and it is not going to turn any time soon. If it gaps up tomorrow because of IBM, there will be another wave of selling into strength just like a few days ago.
2c
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