JPM's Mike Krauss looks at the amazing crash and burn following
Monday's plus almost 1000 points and concludes- "Implies deeper retest
of Friday's 839 capitulative low, which exactly held a 50% retrace of
the 1982 bull market! Break seeks 789 Mar '03 low, 769 Oct '02 trough.
Favor volatile basing action. BUT, not a new bull market, given sharp
downside momentum. Odds say retest/lower-lows in 4Q or 1Q, to create
bullish divergences...Day support 884, then 861."