After today's violent decline this market will need some major help to escape further losses tomorrow. We have jobless claims at 8:35 AM which are expected to be 425,000 after rising to 428,000 last week. If we can get below 425,00 it should be positive, but we'll probably need a pretty big beat to reverse the direction of this market. For the last month the market has shrugged off weaker economic data in anticipation of QE3 coming today, but since the policy decision today wasn't enough to satisfy the traders, I feel bad economic data will be a big weight on the market going forward. Economic bellwether FedEx, announces before the bell and that should give us a pretty good view of the health of the (corporate) economy. The selling may have been a bit over blown today and I wouldn't go shorting much if we open up lower tomorrow. Things may not seem so dire by the end of the day....
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