Dow lost 280 points today

Everyone still worried about subprime and the jobs report was weaker than expected. The yield on the 10-year Treasury note fell from 4.77% to 4.70%. S & P lowered it credit rating on Bear from stable to negative. The financials continue to swoon(even Goldman lost 3.5% today). The apocalypse is not upon us. This doesn't even qualify as a correction. However, the market may be coming to its senses. It's long denial of the subprime and housing messes might be over. The sooner the better. I think the dow will end the year at 12,300, the S & P 500 at 1100, and the QQQ at 2100. I think that we are in bear market territory, but I'm not quite ready to short the indexes or buy puts. I'm still looking for a catalyst.