If you have been an observer of the markets, post-Christmas, you'll know that the selling is continuing to intensify. Perhaps it is a shakeout with the low volume levels Christmas through New Year's brings - such a thing would be very possible in this environment.
However, the events are tied closely to the fiscal cliff talks and the matters at hand are not getting any better. Harry Reid talks: the market dumps. John Boehner talks: The market dumps. Obama talks: the market dumps .There's no surprise here and the close door negotiations aren't getting any better. So when January 1st hits (on Tuesday) I think it is safe to say that we are going straight over the cliff.