What happens after it hits the fan?

Things are going to shit. But that was expected, no? I mean, there is only so much you can do to make the credit crunch look rosy. Anyway, it may be a while before it is a good time to go long. Looks like the spy had formed a bearish flag and is breaking down below its support level. I think it may break down to 120 again. In any case, it's going to have a terrible time getting above 1300. Askstockguru places a support at 124 and 120. Be careful.