I just went through all of the indexes and quite a few sector SPIDERS. It appears that the RUI, OEX, SPX, and MID are all resting right now at their 50 day moving average. The SML and RUT appear to be breaking down below the 50 day ma. The composite indexes and total market indexes all appear to be resting at their 50 day moving average. The Dow Transports and Dow Utilities appear to have broken down. There are a good number of sectors trading below the 50 day ma and breaking down. The only factor propping up the indexes is oil. Many of the companies within the SPX are oil related such as Exxon. I looked at oil and its begun to trade within a tight range and I would guess that price is being forced into a triangle. Price contraction leads to price expansion. If the expansion is to the downside, then many of these energy stocks could fall quick. Gold appears to be breaking down. The ten year yield closed above its previous high very slightly. From here, its very possible for the yield to reach 6 or more. In May of 2006, it took 5.24 for the indexes to start crashing down. Last year the rumor was stronger then the actual fact. This year the fact is stronger then the rumor. The fact of the matter is that there is a good chance of a recession in the near future. Another fact is that a terrorist attack could be performed on US soil within the next 6-12 months. While the thought of a terrorist attack might seem extreme, you have to study how these attacks are carried out. In the past, the two terrorist attacks carried out on US soil against the trade center were done during a time when the markets were falling and there were questionable times in the economy. There have been a few organized cells uncovered recently such as the JFK attackers. I believe its plausible. Anything can happen and there is not enough security in NYC to stop it from happening. They will do it when the markets appear weak and the economy is faultering like it is right now. The line in the sand on the SPX is 1430. Anything below that and we risk a wipe out in which the indexes will fall fast and furiously where a few possibilities exist. I do not see the Fed cutting rates. I do not see the ten year yield suddenly turning around and heading for 4.5. Many of the individual indexes and Spiders are below their 50 day moving average while others are scraping the line.