After going on another rampage to the downside today, we need to ask ourselves, what does it mean? I'll tell you what it better mean. It better mean that the market is retesting the recent lows and will soon take off to the upside, even if only for a little while. With the near historic selling pressure we've witnessed lately, the only comparisons we have are all near panic lows of the past. You can guess the dates so I won't mention them here. These extreme periods of selling pressure were almost unequivocally bullish in the short to intermediate term.  About the only exception would be the 1929-32 time frame. Unfortunately that's the economic climate most closely resembling our current situation. I'm sure you've all been hearing that lately. So, if the market blows through these lows to the downside....let's just say that our description of oversold may have to change. If you're a gambler you could take a shot at the S&P on the long side at 1075 or so. Anywhere from here to there SHOULD be a "to good to be true" entry point. Perhaps it is. Take a look at a long term chart and you'll see why. Also, how about POT (Potash)? Did you see that collapse? How about the XAU (gold and silver stock index)? Down 15%...today!!! Unbelievable. If something doesn't change pretty quickly, that could be the DOW and S&P. It really is just about now or never. Be careful out there.