Just heard that about SEC banning short selling, they are in a total panic, could be some nasty stuff going on beneath the surface.

Anybody else besides me think this Fed RTC plan is a lot of hype?  Being touted as some magic bullet but I'm skeptical.  I tend to think this rally may fade quickly in the next 24 to 48 hours at most.  What's your take?

1210 to 1220 resistance now on S&P?

VIX over 40 now

Retested today's low on the S&P, might get a bounce here but next time it gives I suspect it could get ugly.

What are the VIX divergences you're seeing?  Matt what are your thoughts on the VIX?

VIX 37.41 now, looks like it could be going into the 40's, highs not seen since several years ago.  Seems to me the Fed may have played their last ace in the hole and the game may be over, possible collapse dead ahead. 

Matt, downtrend line a good place to short, with a fairly tight stop?  Or do you think we are more likely to break out of the wedge to the upside and start a more substantial rally?

rp; makes sense, I covered shorts on the close yesterday, almost pulled the short trigger with the Dow up 150 but hesitated, hoping we get one more thrust up.  How far do you think this could bounce today?

covered my shorts into the close today, I was short SSO primarily, also long SDS.  VIX 36.40, didn't want to get greedy.... think we could be in a crash window though so may reshort a bounce...

looks like it was the last Gasparino.....  holding shorts, figured we might close near the lows, question is what hapens tomorrow?

Market not able to bounce much so far, make anything of it? 

S&P testing the lows, below yesterdays low now, where's next support?  Looks ugly to me like we could have a mini crash day like Monday.

Short rules changed by SEC, but not reimplementing the uptick rule...

At what level is the S&P likely to bounce today, yesterday's low?  Looking more like wave 3, nice work guys on your analysis.

I called the Reserve this morning, got through after a 30 minute hold.  Told me 2 other money funds are affected, some international mm and another, but said that problems are isolated to particular funds, and the US treasury bill fund is safe..

S&P futures only up .50 now, several Asian markets like Hong Kong are now down after substantial early session rallies. 

I switched to a Treasury only money market fund earlier today as I was starting to get concerned about the possibility of this with the Lehman and AIG situation.  It's a reserve fund though, so I'm calling them to see what I can find out.  Assume it would not be affected by problems with their primary fund but who knows in this environment.

This is a shocker, Reserve is the mother of money market funds.

Reserve Primary Money Fund Falls Below $1 a Share (Update1)Sept. 16 (Bloomberg) -- Reserve Primary Fund, a money- market mutual fund with $64.8 billion in assets as of Aug. 31, fell below $1 a share in net asset value because of losses on debt issued by Lehman Brothers Holdings Inc.

Investor redemptions will be delayed as long as seven days, the fund's owner, Reserve Management Corp., said today in a statement. Withdrawals requested before 3 p.m. New York time today will be paid at $1 a share.Bruce Bent chairman of New York-based Reserve Management, opened the first money-market mutual fund in 1970. The only other money-market fund to inflict losses on investors was the Community Bankers Mutual Fund in Denver, which liquidated in 1994 because of losses on interest-rate derivatives.

``This is uncharted territory,'' said Peter Crane, president of Crane Data LLC in Westborough, Massachusetts, which tracks money-market funds. ``That's certainly a stunner.''The fund held $785 million in Lehman Brothers commercial paper and medium-term notes. The fund's board revalued the Lehman holdings at $0 effective 4:00 p.m. Lehman filed for bankruptcy protection yesterday.Bent often said the best money-market funds should be ``boring.'' He derided other funds that invested in securities linked to subprime mortgages and other risky debt.

re: government considering conservatorship for AIG- where are you seeing that news?  down 64% now after hours.