Slaughtered as the Nascrash and Efade Financial get marked to market.

The high fliers of the Nasdaq got hit hard today. This was how one of my trading pages looked today.

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I named the above page "Short Candidates". The ironic part is that I gave it that name over 5 months ago. In the market, timing is everything.

For the Nasdaq it looks like the 200 DMA is going to come into play. There is no mercy in this market. I'll repeat that: THERE IS NO MERCY IN THIS MARKET.

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As for the DJIA, the early morning rally was faded into oblivion. We are now under 13,000 on the DJIA, a level I pointed out last Monday that we could get under in the near future. That was over 600 points ago. This is really scary stuff and smacks of a serious bear market. Stocks are being sold at resistance over and over again.

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I guess it becomes hard to trade and sustain current market levels when your broker is going bankrupt. The sad part is that Etrade had a solid business built on a great product and satisfied customers. Then they make very stupid decisions and imploded a wonderful business. All to make a couple percent above the prime lending rate by purchasing securities no one understood until it was too late.

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Gold was down huge today, I am going to stick my neck out and say that gold is just correcting and that it is in a bull market. I expect it to be higher than $850/oz by the end of January. I was purchasing a 1/3 position in long term gold producer calls today. Gold is back above 800 as I type.