Well looks like McHugh got his drop last night, not quite 300...

Well looks like McHugh got his drop last night, not quite 300 point, going to be interesting to see how his predictions pan out this week, he's been pretty good lately:

We continue to believe a major move is coming in stocks this week, starting around our phi mate turn date of October 23rd +/- a few days. Monday's rally does not change anything from our Weekend analysis, the triangle scenario remains in full effect. Today's rally looks to us to be the "{b}" wave inside the {d} wave forming for this triangle, and if so, 9,200 should prove to be formidable resistance, which is approximately where the upper boundary of the triangle passes. The 15 minute full stochastics argue that this move up should be over this afternoon, however the 30 minute Full Stochastics are indeterminate. If the triangle pattern is occurring, we should see a 300 to 400 point drop in the Industrials over the next day or two. That would complete the fourth leg of this five-legged triangle. Then we should get a short pop up, wave {e} up to finish the pattern probably Wednesday or Thursday. Then a massive decline should follow, the final decline for the first of thee major trends for this Bear Market from October 2007. A huge rally that lasts into early 2009 should then follow, before the last leg of the Bear Market occurs, which should be catastrophic. Of course things can change, but that's how things look at this time.