Going down

With the collapse of the debt ceiling talks and the passing of Boehner's 4 PM Sunday deadline with nothing to show for it, the futures expressed their displeasure in no uncertain terms, opening this evening with the biggest gap down I've seen since I started trading in 2003.  Right now at 1:20 AM EDT, all three market futures (ES, NQ, and YM) are down just over a full percent.  That's huge.

And totally unplayable.  All the action was over in seconds.  And it will be the same story tomorrow when Wall St. opens for business.  Unless you happened to go short on Friday afternoon, forget it.  The only bright side is that it might be time to go bargain hunting when the dust settles.

Anyway, there's no point in even talking technicals tonight.  The market's going down on Monday and that's that.  Thanks a lot, Obama, Boehner, Reid, Pelosi, and all the rest of you other venal amoral ignorant egomaniacs who make me embarrassed to be an American.