E-Mini S&P (857.75)

The selloff that accompanied tonight’s press conference looked too pat to be taken seriously, so we’ll be looking for stocks to effect a much-less-than-miraculous recovery when trading begins Tuesday morning. On the lesser intraday charts the downtrend was impulsive, but if a minor buying opportubnity awaits, it will likely lie midway along any follow-through down-leg that takes shape overnight. _______ UPDATE: Far from recovering, stocks are acting rationally for once, with the Dow down nearly 300 points in the early going. Is it possible the whack-jobs on Wall Street have actually begun to realize that Obama’s stimulus package will only compound our debt problems, and that having a rookie at the helm, acting like he knows what he’s doing, is hastening the inevitable economic crack-up of America?