Mid-Week Check = Bleeding Continues

Yesterday people thought it was all good. But then the market (and longs specifically) got bitch slapped by mother market. My sense is things are going to get UGLIER and BLOODIER before its all over.

So far this week has been a bloodbath for the financials (XLF is down 5.6% week to date) which has now bled over to the general market. S&P 500 is flirting with its 200 day ma.

The high flying tech sector has also absorbed losses and missed expectations. Tonight's less than fantastic earnings guidance from Cisco is also going to make some people second-guess big cap tech as a so-called "safe haven" in this market. As "The Fly" would say...Developing...

The market indexes at mid-week compared to last Friday's close all stand 2+% lower:

Index	Week-to- Date
DJ Industrials	-2.17%
Nasdaq Comp	-2.19%
S&P 500	-2.25%
DJ Wilshire 5K	-2.24%
Russell 2K	-2.74%
Nasdaq 100	-2.01%

How will the week end up? My guess is that tomorrow the market continues its descent...no rally in sight yet.