Pre-market Wed. Jan. 21st, 2009. It's anyone's guess today

The market dropped significantly yesterday resulting in my two recommended ETF Ultra Shorts moving significantly. SDS closed yesterday at $86.88, up 10.3% and TZA closed at $66.60, up 20.3%. These were impressive gains and many most likely cashed in yesterday for a nice profit. Some are still holding on to these ETF's including me. I will be watching the action today closely and may sell myself, as now these 2 have had very respectable returns.

The Dow did break below 8,000 yesterday closing at 7,949 and just off the low of 7939 while the S&P500 closed at 805 within 0.5 points of the low of the day. Volume was not ahead of Friday's volume and both indexes did not make a Hammer Candlestick pattern, so my initial thoughts are we still may go lower than where we closed yesterday. We can still go back to the previous lows to 7,300 on the Dow and 750 on the S&P500.