Yesterday’s action in the markets was nothing less than underwhelming. The S&P 500 is now in a descending triangle pattern, with a 4th knock on the lower trend line coming early this morning. A break below 850 will create a solid overhead resistance once this continuation pattern is broken to the downside. The Dow Jones Industrial average broke below its 200 month moving average, calling into question the entire Bull Run since the early 1980′s.

The media is starting to price in a significant economic downturn as 53,000 jobs are cut at Citibank, another Chinese scandal shows their continued insistence that success is founded up deceit and lies (the Olympics already convinced the world of this fact), and Mark Cuban is found guilty of insider trading. Lame duck Bush continues to flounder as the G20 economic summit accomplishes nothing, modern-day pirates run amock in the waters off Somalia, and Goldman Sacks urges clients to bet against California bonds it helped sell. This is the first dosage of reality TV, and it certainly isn’t a matter of just another cheesy ‘Survivor’ re-run. How appropriate it is that in January 2008 MTV morphed the opulent and disgusting ‘My Super Sweet 16′ into a dosage of true reality, sending the prissy teens into ‘Exiled!’ countries where they are forced to shed their veils of materialism.