I have no idea where the market will end today because the swings this entire day have been simply amazing. I can't remember a more volatile day - certainly nothing since early 2009. We started the morning with a huge swing of a couple 100 points on the Dow, and in the past hour we've seen multiple swings of such a nature. If you are a short term trader with any sort of stops out there, they are getting hit multiple times and then you are getting reversed.
We just did a 35+ point move down in the S&P 500, followed IMMEDIATELY by a 35+ move up. Whew.
Side note - the Fed is finally admitting what many of us have said - these pie in the sky idea of 3-4-5% GDP growth are nothing but fanciful tales. Considering all these budget deficit projections are based on 4% growth from here to the moon, you realize just how much more serious the situation is, and how off the CBO data is for projected deficits in the coming decade.