The VIX will tell the tale if the bottom is in or not:
The major indices are all brushing under their 50 day EMA's with the exception of the stronger IWM which has broken barely above:
On the other hand PM is looking toppy and can be shorted with confidence above $53.25 setting a stop above the 78.6% fib level or $53.60 or so.
And for those energy suckers one could reasonably start nibbling at UNG as the falling knife could have hit the floor at the 38.2% fib level at $41.42. Don't forget the TIGHT stop here at $41.29!!! Because if it breaks here lookout for the next fib level at $38.29.
And then there's Amgen: This one was brought to us back in May by our deep in the money calls mentor Mr. Dykstra. On May 14, 2008 one could have purchased the Octber $40 calls for $5 per contract. Yes folks those same calls tomorrow will be worth approximately $22 per contract for a four bagger. 
Yes there is hope and it can be done..............................
AMGN may test $57 before consolodating back into the $40's where a good buy point for calls may be the bottom of this stil falling trend.
.....and this multi-year chart of the ten year note appears to be a MASSIVE H&S pattern spanning decades. The latest move up is merely a retracement back to the shoulder-line and the more daunting line here is the falling 200 EMA which is still falling hard through 55. I don't see this busting throuh 52.50 any time soon. Higher rates to quell inflation you say? I think not. I believe the consumer has run out of gas globally and overall demand will cool and consumption will curtail pushing oil back to reality in the $80,s (that is after it hits $160). This could take awhile to unwind and it all hinges on oil now. So until black gold's upward assault faulters I'd be looking for Southeasterly movement from the indices.
Natural Gas is riding the Crude wave, but the long-term fan line has proven to create stong resistance and a consolodation back to $55 is quite possible in the coming weeks.
And lastly good ole GW has been riding the Nat gas wave. Look for the higher highs pattern to be broken soon. 
Of course one well placed hurricane and all these will tack on 20%-40% in a few days while the indices plummet.
I'm throwing Proctor & Gamble in here for the H&S pattern and test of the Fib level. Lately I've seen more failed H&S patterns. It would not surprise me to see PG head back to $67 after this latest downward move fizzles.
Have a Great Memorial Day weekend.
Ford is looking a little stronger and could be posting a bull flag here to jump to the double digits. The tell will be the direction when volume reappears.
GOOG is still lumbering around consolodating and could very well fill the gap up$450-$600 or make the Bull flag jump back into the $700 range.
I believe these companies will tell the tale of the overall market in the coming days and weeks. Irregardless of direction a disceranble trend will emerge and markets will follow. 
The YEN does show ome hope for the US Dollar, but remember the Japanese are still reeling from ther over-evaluatons of two decade ago. So they are in a simlar situation to the US, but actually save more than we do.
And lastly, our "Friends" the Canadians.......Do ya think in 2001 a US investment analyst could have said, "Covert all your US assets to Canadian Dollars and by 2008 I guarantee you will profit by 65%!"? Anyway I wonder how much oil they have stashed away? I think we should invade and nationalize professonal hockey. At least then we would be able to view a Stanley Cup Playoff game on a decent network. Go Penguins!!!!
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The DIA also showing breaking below the current bull channels:
