Remember this moment. It my not be a pleasant moment, but try and remember it anyway. Remember how it feels to be staring off into the abyss. Not many have stood where we now stand. Few have felt the fear that's beginning to grip the investing world as we peer over the brink and into the darkness of uncertainty.

Never have markets fallen this far this fast and recovered so little. People are shell shocked. Are you? The only hope the market has here is this....the Dow, although it broke the November lows, is sitting on its 50% retracement level from the all-time highs. Along with that, the S&P and the NYSE are sitting ON their November lows in what would be a double bottom formation if a rally develops. Also, the market is almost as oversold as it was in the October and November bottoms.

That's actually a fair amount to hang ones hat on to make the case for a rally. But it may not matter.

The investing public is just about ready to begin throwing in the towel for good. This won't be your run of the mill sell today, I'll be back tomorrow type of deal. This time when they leave they aren't coming back. I believe the exodus of these investors is what will drive unrelenting selling pressure like we've never seen and allow prices to fall further than almost anyone thinks possible. As prices go lower it will bring more selling in a typical negative feedback loop. Seems to be a lot of that going around these days.

This event will really get going if the indexes push on down through the 50% barrier. The S&P is already through it. Lets see how the Dow handles it tomorrow. This is the moment of truth, a line in the sand, pucker time if you will. Where's the PPT when you need them?