Tonight the market finds itself in deep trouble. The only question tonight is how deep? The answer is probably "real deep".

My take all along during this advance from the March lows was that it was a B wave, a wave correcting the steep drop from November 2007 to March 2009. Once it finished, the dreaded C wave of the bear market would show up, devastating an unsuspecting public once again with a vicious downside move to, or below the March lows.

There is a good chance tonight that that process has begun. If so, it's going to be an unbelievable ride...sort of like today, only again and again and again and again and...you get the picture.

The signs are all around. Gold and silver being pummeled. Credit spreads widening rapidly. The dollar rising. Stocks getting pounded like a tied up goat. And throw in a global sovereign debt crisis just for good measure.

Whatever the cause or trigger, it doesn't matter. What does matter is that there are more sellers than buyers. A lot more. Liquidation has begun again. When that happens prices go down...potentially a lot.

So be alert tonight. This could be the beginning of the Big One.