Market action and Spring outlook

Pretty good breakdown of S&P futures overnight. Low of 801.5, currently 802.75, that's down another 1% since last night.

I would call it the "not ruling out" overhang - over the last several days, the Obama administration is no longer "ruling out" auto industry bankruptcies and also not ruling out bank nationalization. I think the "stress test" is their effort to transition to nationalization in a way that will be acceptable to the public. "We looked under the hood, and we had no choice..."

Then GE will lower their dividend and the market will really tank.

Then, we have the mother of all bear market rallies while everything thinks the bad news it out. Feels like something's gotta give. That nasty Nasdaq just isn't cooperating and it keeps reminding me "maybe this is the bottom." Then I wake up...