United ICap's chief technical analyst Walt Zimmerman sure thinks so.
Gulp. This is kinda how I see things playing out although I am not sure we get down that far. Europe is a repeat of our banking collapse here. There is no reason to think that "it's different this time".
Enjoy Walt and have a drink or two this weekend. It's been a long stressful week for anyone that has a 401k.
Futes are rolling over here tonight so I wouldn't be surprised to see a red day tomorrow if the retail sales #'s are bad.
For what it's worth I am flat in my trading account. I sold my last DB PUTS on Wednesday. Sitting in cash. I do not like playing when the tape is this violent. Options are too expensive, and its easy to get your face ripped off if you are on the wrong side of the tape.
For now I will grab some popcorn and enjoy the fireworks from the sidelines.