Friday Stocks Go Down the Hole

300 Movie - This is Sparta Kick

With Boehner's Plan B defeated expect terrible trading Friday.

If you haven't heard Plan B has been dropped and Dow Jones Futures are down 200 points.  Expect a terrible day and a kick in the pants for your 401(k), IRA's, and personal trading portfolios.  It's going to suck.

Late Thursday night here is how things are looking:

Stock Futures | Americas

Index Future   Date Last Net Change Open High Low Time
DJIA INDEX Mar13 13,072.00 -195.00 13,247.00 13,247.00 12,996.00 00:47:34
S&P 500 Mar13 1,417.90 -22.70 1,440.50 1,441.20 1,391.70 00:47:32
NASDAQ 100 Mar13 2,647.75 -42.25 2,687.50 2,688.00 2,637.25 00:05:21

If something doesn't happen fast and it looks like it won't we could be for a terrible bear run on equities.  House Speaker John A. Boehner threw efforts to avoid the year-end “fiscal cliff” into chaos late Thursday, as he abruptly shuttered the House for the holidays after failing to win support from his fellow Republicans for a plan to let tax rates rise for millionaires.

Volatility is going to be off the hook tomorrow.  If you happen to own shares of the iPath S&P 500 VIX Short Term Futures (VXX) you are going to win big.

Hang in there fellow Masters.