Let's Throw a Towel-Throwing Party

SAN FRANCISCO -- Expectations among market players for a "tradable rally" in the Nasdaq Composite were dashed today, as the index fell another 1%. True, the Comp did climb off its session low around 2643, to close near 2707. But anyone taking solace in the Comp's minicomeback today got a rude awakening after the close when Gateway (GTW Quote) and Altera (ALTR Quote) issued separate profit warnings.

In reaction, S&P 500 futures were recently down 8.60 to 1326.70 in Globex trading, while Nasdaq 100 futures were off 49 to 2481.

In other words, the market is sticking to its recently rediscovered -- but historic -- role of confounding as many people as possible as often as possible. Frustrations resulting from the market's machinations are becoming evident in the growing number of downgrades by sell-side analysts. Concurrently, we're seeing the beginning (but just the start) of erstwhile gurus throwing in the proverbial towel (which is no doubt filled with blood and spit). ...