Market setting up for a crash?

The Nasdaq appears to be in the early stages of a waterfall decline. So far there is no indication of a midpoint consolidation. The problem is that both of the bellweather tech stocks AAPL and GOOG are breaking down. A break below $150 for AAPL and below $400 for GOOG will likely send the market into a tailspin.

The energy stocks where strong today. I have to wonder if oil is going to bounce on the production cut by OPEC. In it's fragile state I'm thinking the market may be ready to fall apart and this may be as good a reason as any. Not to mention there is roughly 600 billion in short term debt that needs to be rolled over this month by the financial system. One has to wonder who is going to step up with fresh credit.

Now if we do see a crash right before elections you can bet your bottom dollar the FED is going to freak out and start cutting again. If that happens you can say good bye to the dollar rally and hello to hyperinflation.

I find it hard to believe Bernanke would be that stupid but so far neither Bernanke nor Greenspan have let me down.