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UPDATE 1:44pm EST: We just broke that channel – could this be it?

UPDATE 2:00pm EST: WOW, what a drop! I think we are now stabilizing around 830, which is an ES pivot. Some folks are surprised that the Zero is not signaling – I know – I’m surprised too. But having written the damn thing I also know what it’s comprised of. And thus I can tell you that market trend sentiment does not reflect the change in price – on both sides of the extreme. What I’m seeing is extremely thin – a lack of participation, if you can believe that.

UPDATE 2:08pm EST: Now this is the scary part:

What do you think will happen once the Yen actually starts to rally?

UPDATE 2:49pm EST: You guys have got to see this:

Goldman Sachs Would Like to Pay Back U.S. TARP Funds Soon, CFO Viniar Says

So, let me get this straight: Free cash without strings attached was desperately needed last fall, as we were told the financial markets as we know might come to an end? But the very day President Obama announces pay caps for bailed out firms they’re willing to return those funds?

I’m not even going to go on rant here as the sheer cynicism in this is blatantly obvious. I’ve said it before and I say it again: The TARP was/is nothing but a fleecing of the public purse – a financial coup if you will.

Disgusting!