After having a day to digest Treasury's plan to bail out Fannie and Freddie, the markets didn't give the "lead dogs" the response they expected. Instead the market kicked 'em in the teeth. It's not settled yet, but this is not a good response to the largest government bailout in history. The market appears to be forcing liquidations of Hedge funds and other leveraged players, especially in commodities. This could snowball from here, it really could. That's what happened in the 1929-32 period. Falling prices led to margin calls that forced more selling that led to more margin calls that led to more selling.....you get the picture. There is still plenty of leverage in this market that could be fuel for just such a continued decline. The next week is absolutely critical. If you have exposure here you must be very careful. If 1200 gives way that could lead to a waterfall decline and some of the support levels below 1200 may not matter. Remember this time. You're living history.