Banks usually lead the market so their problems are causing a lot of confusion and volatility among the big boys. It seems that everything non-financial WANTS to go up, but the financial sector wants everything to go down.
We will probably look back and see that July-August marked a MAJOR turning point for a lot of major trends (my complete guesses: yen goes up, USD breaks below 80, bonds turn bearish, bond yields turn bullish, hedge funds keep going bust, banks keep imploding).
I think we are feeling a major EARTHQUAKE under our global financial footing. It seems like major 2-4% up/down days could be here to stay until the top is in... the BIG BOYS are on the casino cruise ship and are shifting their major positions around. I hope I don't get sea sick. LOL
Jan 4 - We have transitioned into a bear market. Completely different rules apply.
May 23 - IMO, any price at/above this close makes a great Nasdaq/SP500 short.