CNBC that the S&P correction would continue towards the 50 day moving average (116.7). With the S&P 500 ETF ($SPY) down 1.5% right now at 118.23, 50DMA/SPY convergence could come in a matter of days (or hours, who knows). The Ireland debt-crisis (bailout rumors), Greece aid (Austria holding out?), China inflation controls, Fed comments and muni-bond madness are dominating my Twitter news stream. Crazy day today. I'm going to dissect what's going on and put up a links post, chart out ETFs and currencies, and then do a long post on the municipal bond market (California, MUB, GO Bond 20 Index, Muni-Treasury spread etc). For now here is a chart of $SPY showing 50DMA support and the ascending channel it just broke. Hopefully you have puts riding the volatility. Last time I checked the volatility index ($VIX) was up 13% at 22.86.
*See an index of $SPY posts since 10/21/2010 to see the action and analysis that led up to today.