as I remarked earlier, the only thing that will temporarily plug...

as I remarked earlier, the only thing that will temporarily plug this outflow from equities, is central banks firing up the printing presses, and the US Fed entering into a lot of currency swaps with europe...

as Zerohedge noted yesterday:

"From mid-November last year, S&P 500 futures fell from a high of 1259 to a low of 1136 in around 9 days - 123 points (or 9.7%). This was enough, it seemed, for the Central Banks of the world to get on the phone and press the big green 'print' button in a coordinated response to markets waking up to the dismal reality hidden under the covers. From May 1st highs at 1412 to today's 1300.5 lows is a 112point drop in around 13 days (or a drop of around 7.8%). While the most recent move is slower and smaller so far - today's action in stocks (and even more so in Gold) perhaps reflects the reality that QE3 is inevitable (gold) but not until stocks have fallen enough to warrant 'extraordinary actions' by the Fed. Do we have another 2-3% drop before the Fed picks up the phone?"

but take a look at how low things had to be with the CME first, before those printing presses were fired up circa mid-November... can the ASX and PRR keep its head above water long enough if central bankers want to see the same type of lows again, before they act ? (and note the ASX is now in the red year-to-date)

good luck