The problem with a bottom today is Monday. Friday's are not a day of confidence. Market hate uncertainty and weekends are uncertain. Despite the magnitude of the losses, I firmly believe that we are not going to cease to exist and that there will be a point where the market turns.

There's no way to rely on technicals or fundamentals in these extreme circumstances so you either stand aside, but a little and hold it for a better day. Odds are it will trade higher than here, but this is a hold you nose buy and that is not easy.

As you know, we have hoarded our cash for quite a while now at TA Today but looking at the morning melt and the overnight tsuami in world markets, today probably represents the day where we need to put a little cash to work. It's not a time to plunge and there's nothing you can go on now but gut as technicals and fundamentals mean nothing in this environment.

I'm running out of ways to describe this market. We are seeing wave after wave of selling day after day. The sell orders just keep coming and although this eventually will setup one heck of a trade higher, so far trying to step in has been fraught with error. If you are not picking your entry points wisely or, worse yet, you entered and let a trade turn into an investments, you are stuck in some deep you know what by now.

And on the 7th day ... we just see the same thing ... more selling. You would think, that in a market that is about as oversold as you can get, somewhere and somehow somebody might want to buty something ... but so far that isn't happening. You have to respect it.

I tried four separate times now to let into a little ETF long exposure and four times I have been able to move the stops up to even and get stopped out. Not very encouraging.

As if it wasn't bad enough, the strength is sold and the financial concerns are being hammered again. MS, PRU, and other names are down huge percentages today and the general strain on the financials is tremendous once more and weighing down all attempts to get any kind of a bounce here.

Earlier I mused that no one would want to buy this market at this point. Well, there are plenty who still want to sell it!

Do you want to buy here? No? Didn't think so? Wouldn't it make sense to buy when no one wants to? Usually does ...

Yesterday, the day before, the day before that and so forth and so on, they have all been disappointing and each rally saw selling as soon as it got going. Part of that problem is that the feds have been tinkering with the market thinking they could make it better yet the laws of unintended consequences simply made it worse.

The shorting ban, for example, takes away the unnatural buyer that usually is there to buy stocks as they fall (in order to book profits). That ban expired last night so now, at least once some shorts are reestablished, we can see that buyer ease back into the fray.