Stocks Plunged Thursday, mid-day, hitting new intraday lows in the Industrials and S&P 500, confirming our top labeling that minor degree wave 5 down is underway. The S&P hit a low last seen in 1996. Thursday's decline was expected given the levels in the 30 and 15 minute Full Stochastics shown last night. We learned today that 12 percent of all mortgagees are either delinquent or in foreclosure. We also saw Durable Goods Orders drop for the sixth month in a row.

As of 12:30 EST, the Industrials were down 204 at 6,671, the S&P 500 was down 24 points, 3.43 percent, at 688, with the NASDAQ Composite down 38 at 1,316, the NDX down 24 at 1,086, with the Russell 2000 down 16.77, or 4.52 percent, at 354.53.

Trannies are getting pummeled, close to free fall, down 170.99, or 7.1 percent, at 2,234.71. The BKX Bank Index is crashing, down 10.55 percent. Citigroup fell below a dollar a share intraday, which in the old days was all the NYSE needed to delist it. Think about that.