Market disappoints and may disappoint further

Well, I had my fingers crossed we would hold at the 7,200 on the Dow and 750 level on the S&P 500 but we didn't. We have broken now the uptrend line with todays drop in both indexes. I hate to be the bearer of more bad news but there is better than a 50% chance we will go down to the next support level which is 6,200 on the Dow.

I don't see Wall Street embracing the changes Obama is making. As a matter of fact by the data on the markets, I would say they don't like it at all. And so they are acting with their trades accordingly. They have no faith and they are the market movers. So here we sit and watch the markets drip, drip drip to new lows. If they keep it up there will not be much investment in stocks going forward so they better calculate accurately what their actions are doing to long term investors. They may be getting ready to throw in the towel for good. The only redeeming quality of the action today was that the market finished at the lows. This created the Candlestick pattern called the hammer. The hammer pattern usually signals a reversal. That is the only hope I see for tomorrow and beyond right now.

So what to do here. I guess I have decided to stay pat and wait for now. Not comforting to others I'm sure but I see no really good options, including selling here.