R.C. Market Report 1.20

• Today: The most bearish day of this new year resulted in 5% decline in major indices. Market was pressured down all day long as bank stocks got hammered. It's apparent that banks will no longer be the same, for the few that are able to survive this crisis. The speed of the resumed downtrend on the banking sector is quite scary.

• Tomorrow: The trade is to the downside and it seems highly likely that the Nov. low will be tested. Any speculative plays to the upside should only be considered when we reach that low.