the president has declared the new “volker” initiative, which seems to be a move to reinstate Glass-Steagall, the separation of bank and investment bank activity. the immediate effect is to drive down those financials that have both bank and investment banking activity. “Many a slip twixt the cup and the lip.”

daily – have moved quickly toward the first downside target of 1103. once that is reached i would be alert for a retracement. the market is very oversold and the down cycle ends tomorrow. A trade thru 1116 would signal a short term retracement (very short term). then step back and look for the next move.