Wall Street simply cannot hold on its gains from last Friday. Dow had another 300-point swing day but unfortunately for the bulls, it was closed at almost the bottom of the swing. Following the mixed retail spending news over the Thanksgiving weekend, the market started the day pretty much flat and then moved higher a little bit in the morning. However, bad news in the credit market just kept coming and there was again rumour about potential bankruptcy for Countrywide Financials. The possibility of a major financial institute going under weighs heavily on the investor sentiment. Treasury bonds rallied sharply and pushed the yields of the 10 year bond to 3.82%, a level not seen since Mar 04. US dollar dropped sharply against yen, indicating the carry trade unwinding is still ongoing. Many indices are now negative for the year and technically can drop further. It seems only the Fed has the power to save this market.