That did not take long... we are already seeing a 1188 print on the S&P 500 as of 10:22 AM. This is now a 10% move from late Tuesday afternoon (3 PMish) when the S&P hit 1080, and that news report hit on FT.com about a plan for a plan for recapitalizing the European banks.
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http://www.fundmymutualfund.com/2011/10/like-clockwork1188.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+FundMyMutualFund+%28Fund+my+Mutual+Fund%29

Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.