Watch S&P Get Smoked Into The Close, Down 3.1% ($SPX Video, 2/4/2010)

Watch the S&P get smoked today into the close.  It ended down 3.11% and took out 1072 floor support. It looks like 1040 is the next support level and ultimately the 2009 summer highs at 954.  We shall see folks, whatever the algos want to do. Hopefully you are riding cheap index puts from early January. Recap on the day:

Greek Union Strike, Spain, Portugal CDS Widen, Sovereign White Knight Needed (Blog Post)
Initial jobless claims at highest level since mid-December (MarketWatch)
Productivity, Jobless Claims Rise (WSJ)
Congress OKs $1.9 trillion boost in debt limit (CNNMoney)
From yesterday: U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis (Bloomberg)
New York sues Bank of America over Merrill Lynch merger (CSMonitor)
Get Ready:  PREVIEW-US Jan payrolls seen +5,000,jobless rate 10.1 pct (Reuters)

Chart/, Instrumental/Who Shot Ya