Rollercoaster

A tremendous influx in liquidity was able to keep the NY markets from diving, but it wasn't enough to push them up, nor to dispel the jitters that will make for an uncomfortable weekend for many. The Europeans put in at least $130B, the Fed $70B, but the reporting sucks in the MSM on this stuff, it could be a lot more. $200B sounds like a lot, but we are talking about the credit market:

The most pressing issue for the markets is the deteriorating condition of the credit markets, a $28 trillion segment of Wall Street that provides virtually all loans for corporate enterprises and the real estate industry. After years of lending at generous rates and terms, these markets have tightened up, as fewer lenders want to take on risky loans.

My emphasis above.

What I don't expect is a shift to a traditional bear market. Either the market calms and goes back to rising, or there will be a readjustment that will be historic. Please note that I look at this more from a political point of view than an economic one, and my political predictions are not notable for their accuracy. So, caveat emptor, or if you prefer, caveat venditor.