After a huge sell-off that broke through a major support level on both the Nasdaq and S&P, its beginning to look as if we are going to test those lows from last November. What will be interesting is how much further this market goes down if the bulls don’t step in to hold the lows. If not, we could easily see the Dow venture into 6000 territory.

On another note, it is becoming more and more apparent that Wall Street chose to puke on the stimulus plan passed by Congress, as it does little to address the financial crisis facing our country, and instead chooses to use the recession we are in to fund all the pet-projects of all those corrupt politicians, who are supposedly representing “We the People”.

Here’s the NASDAQ and S&P Charts…