My compadre has summed this past week up well, which is great as I didn't really have much to say anyway. There's only so many ways one can say the market sucks.

If you're new to the IBD market timing system, these charts are a pretty clear example. A potential new rally is identified by looking for a "follow though day". This is a day when one or more of the major indices makes significant gains (say > 2%) in higher volume than the previous day after putting in a potential bottom.

Some parting thoughts (yeah, I'm a bit brain-dead this weekend. Having a new baby can do that to ya):

The market has almost entirely given back all the gains of the bull market from 2003 to 2007. Have we as a nation created no wealth since 2003? The past week we've seen 500 point spreads in the Dow every day. Is the value of these underlying companies really fluctuating that much? It seems to me that the market is not acting entirely rational here, which leads me to consider--in a market where other participants are not valuing goods in a reasonable manner is it more rational to simply refuse to participate or to exploit the situation given that you have no inkling of when sanity will return?