Yes, Virginia, this is a crash

Nasdaq down 9%, S&P500 off 8.8% Dow off a mere 7%. Set your downward targets to SPX 975, plus or minus. That is both a technical target (breakout in 2003) and fundamental target (15X $65 SPX Earnings)   

(Anyone know how I can embed auto-updating quotes that aren’t laden with too much advertising or junk?)

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And what has to be the best headline of the day: House to Street: Drop dead.

 
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Source:
Stocks, Oil Plunge After Congress Rejects Bailout; Bonds Rise
Michael Patterson and Lynn Thomasson
Bloomberg, Sept. 29 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0PeALhiaraY&

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