The final hour of trading today was not too much different than what you see in a Las Vegas casino. This intraday action is so volatile and so fast, it is just gambling.
The last hour today was somewhat wild, with the weekend beckoning and all the chaos in markets worldwide. We now have news about how the TARP program is being expanded and how the Treasury is considering stakes in insurers. Obviously, interest-rate cuts are also forthcoming. Who knows what we may be hit with come Monday morning? That great uncertainty is just going to accentuate the fast swings we should see as we close out the week.
I don't have a whole lot to add at this point. Obviously, long-term investors should be standing aside, and only the very short-term orientated should be trying to game this market.
The most important thing right now is to not worry about trying to catch the bottom. Even though you have highly excited bottom calls by guys like Barton Biggs on Bloomberg right now, there is no big hurry. This market will give you plenty of time to catch the next major uptrend.