KABOOM

The bottom edge of the range was completely torn out in the S&P 500 and the Russell 2000, and it being seriously challenged in the Nasdaq. Looks like we're headed lower still.

I feel like a genius for going short this morning.

I wonder if the averages will be down for the year? Wouldn't that be something, after all this CNBC celebrating?

Cramer of course is calling for rate cuts, oblivious to what that would do to an already seriously weakened dollar. The problem as I see it is the Fed has already been dropping money out of helicopters; there is too much money already, so what would an ease do, besides crash our currency and send the worldwide economy into a tailspin?