The S&P 500 fell about 1 1/2% more than I thought it might given Lehman's bankruptcy, but not far enough to think that a next-day rebound is a certainty. For that I'd want to see a near-7% fall. It's true that tomorrow's Fed meeting holds the possibility of "good" news, but today's fall is more like the fall after 9/11. It might be a slow, sinking week, and possibly Friday or Monday is the killer down day.
Or, Friday will cap a week of big declines and Monday will be a (temporary) recovery spike.
In short, this was not the final selloff marking any kind of temporary bottom, but that could come soon.
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