Bears Return!

The bears are back in session as the Dow hemorrhages massively. Let's recap - S&P down Dow down 2.1 % for the day and a massive 5.6% from it's high this week.

Last June I posted the following -

This is not a recession, it is a depression. And a massive one at that. We are not at the bottom, we are on gaining momentum for the next plunge down. If you thought the last drop was bad, this one is going to strike fear into the hearts of men everywhere. The Dow will push through the last market low of 7,392.27, then 6000 and after that 3000.

Things are NOT going to get better, they are going to get significantly worse overall. It may be true that we might see some small respites here and there as investors hope for a resurgence in the market but overall we are in for one serious ride.

The next level of support is in the 10,000 - 10,100 range which should offer a brief rally for psychological reasons. But there are no hard numbers to justify this level of the Dow. Expect to see more resistance around 9,800, 9,500 and 9,100 as it gives up these ill gotten gains.
The market is broke, everyone is just now realizing this. Got gold?