Looks like that old quote from Gann may be true this time as futures are pointing up around .3% on the QQQ. While I think we have a lot further to fall, I also have to look at the behavior of traders in the past and accept that the future could look somewhat similar.
The damage to the chart is ongoing, and I think this rally will be one to sell or short into tomorrow.
All in all, stocks look vulnerable on valuation concerns, macro economic risks, housing related shocks, banking and finance related pressures, and sovereign debt and currency devaluation.
All of the headwinds that were around last summer are just as prevalent today. While we debase our currency to prop up markets, the picture beneath the surface is not as pallatable to the long side of the tape.