The action Thursday for the long bond captures the fear in the market place.

The chart for Dryships (DRYS) is one of the most spectacularly bearish.

The chart for JP Morgan shows that yet another of the blue chip financials is in a somewhat precarious condition.

The chart for XLF clearly reveals the way in which all of the efforts by the bulls to call a bottom in this sector are still being met by a grinding realization of any quick gains by short-term traders and a lack of real belief from potential institutional accumulators that the bottom is in place.

The US dollar, as well as the Japanese yen, continue to be the currencies to most benefit from the huge redemptions resulting from the unwinding of the most speculative and leveraged activities in the global capital markets.

One indication that Thursday's mid-session selloff lacked conviction and did not result in any real panic-based liquidation was the technical divergence between the S&P 500 and the Dow Jones Industrials.

The S&P 500 is hanging on by its fingertips, and today could be critical.

Although there is more than the unusual uncertainty about near-term direction, several charts demonstrate clear evidence of formidable overhead resistance.

The Bank of America (BAC) chart in particular illustrates the frustrating nature of efforts to get a rally going in the banks and confirms for Clive Corcoran that the problems in this critical sector of the US economy are deep-seated.

Tessera Technologies (TSRA) has triggered a buy signal from Clive Corcoran's pattern recognition scans as it matches most of the requirements of an evolving bullish flag pattern.