No one's talking rally

What's breathtaking about today's collapse is how little talk there's been about a turnaround. From David Gaffen at MarketBeat:

The ongoing destruction in the value of assets held by banks, and the infection that has crossed to other global markets, is giving strategists pause: While this may seem like a buying opportunity, the crack-up in the credit markets muddies the analysis. “Normally when we get down to these levels, you think we’re close to the rally,” says Steven Goldman, market strategist at Weeden. “On the other hand, there are very few parallels one can look for. It’s not to say we’re not due for a rally here — the market has dropped 10% since 2 p.m. on Friday — but so many things are falling off in so many different ways, and the question for investors is, is this time different from other times?”

The Dow is now down 650.