I guess all the chatter and excitement (and e-mini weakness) tonight is based on JP Morgan (JPM – duh) announcing a potentially gigantic loss in one of their funds (or some such; I couldn't really care less about the particulars; what counts is that it's nuking equity futures right now).
I'd say firm support is at about $33. It won't get there tomorrow, but it's well on its way.
Do I need to remind anyone here that the first serious tremors of the (marvelous, delicious, awesome) financial crisis of 2008 was when some big funds started blowing up late in 2006 and early in 2007? Those were the canary in the coal mine.
Of course, Jamie (who the hell names a boy JAMIE? The only "Jamie" I've known in my life was a transvestite, and yes, I'm serious) is probably waiting for Bernanke to bail him out with a check from you and me. What are friends for?
UPDATE: Home page of ZH, baby!
