2008-10-06 Market Watch

SPX daily:

Here we got a short term bottom.  A minor wave 4 will start very soon, but don't expect it too much.  The next target is 92x, which is really nothing if we think about today's plunge.

XLF daily:

Short term bottom again.

QQQQ daily:

Short term bottom, but more downside movement is ahead.  Just be patient.

IRX - 3-month treasury bill discount rate: 

You can see that the selling off is not caused by the credit crunch, but probably the deleveraging or massively mutual fund withdraw.