Also remember that the BAM model’s absurd target for 2008 (of 6426) isn’t quite as absurd anymore with that 11-21 intraday low sitting at the 7449 level.

Velocity is off the chart, the 11-21 low was an incomplete low according to the BAM model’s bottoming count, and the zones of weakness indicate a “bear cluster” today and Monday so it looks to me like the Citi bail-out is going to prove to be the shortest lived FED-induced bounce yet…

If I want to be conservative, I say SPX 710 into 12-10/12-12 and the crash numbers are stupid looking so let’s skip them.  Bottom-line…if they crash, we’re involved.

The SKF is one of the best “tells” in my work right now because it says the financials will have another melt down (near-death) experience very soon.  That index left behind an INCOMPLETE topping sequence into that 303 high on 11-21 and that implies they’re heading back up through that level again at some point in the near future! 

Assuming the SKF tracks the BAM intraday model…that implies a gain of OVER 120% off today’s closing level of 137 and it also implies a MAJOR blow-up of one or more of the financials.

Full report coming soon