Update: The other possibility is if there are no suprises that the market crashes throught the big resistance sitting around 1085 (some call it 1087). If we really have turned the corner and are going down, it is all just symantics, try to time it perfectly can cost you.
I don't usually reference other blogs but calculated risk had a post that tied very well into the previous post. I really think the risks are rising for a very big reversal on the FOMC meeting statement.
From Calculated Risk:
As I mentioned in the New Home sales post this morning, the FOMC statement today will probably be changed to reflect the renewed weakness in the housing market. This includes the decline in new home sales, housing starts, and other indicators including mortgage applications and builder confidence.
I don't really know. I just think probability of a big bounce is high that gets pounded down Friday or early next week leading into Volckers testimony.