I was out for the last few hours of trading and certainly found my screen interesting when I returned. My are the bulls are in trouble. To be honest with you I really did not think the Fed was going to just roll over and play dead like they did yesterday. In fact, I had that old familiar feeling that there was a target on my back with a little yellow brick shaped object in the bull's eye. But instead the Fed is my friend and I think the markets are figuring out that something is really wrong; as in the kind of wrong I have been preaching about for 4 years running. Wrong as in something really big being insolvent. The United States of America is really big. You, me and many others have known this is a pyramid scheme of epic proportions but the timing - ah the timing - is always an issue. I think we are there.

The Dow is terminal here if this breakdown below 2008 lows and the 1999 highs is not reversed pronto. However the NDX is merely doing what I mentioned it would do weeks ago as it lost the rising wedge amid bearish divergence; it is filling gaps.

As for the precious metals let me just say EFFIN' BOOOYAAA YOU DOPEY CNBC BULLS!! Err, excuse me but I have been bleeding day after monotonous day as the jawbones and blow horns attempted to suck in a gullible public and whether or not this starts a trend - I think it will be at least a healthy rally - it was great to come back and see Huey up 23 points with conviction, all due to the Fed's lack of same. The above was very real emotion and you will not see it often because it is hazardous to your health as an investor or trader. Anyway, the charts...