SPX fell out of bed this afternoon and closed at $1995, down $26 and near its low for the day. RUT also dropped, closing at $1165, down $25. Volatility spiked upward with the VIX gaining two points to close at 21%. Trading volume was strong with 3.0 billion shares of the S&P 500 trading. Trading volume rose 10% on the NYSE and rose 6% on NASDAQ.

The first estimate of GDP growth for the 4th quarter issued today at +2.6%, down to almost half of third quarter growth. The Chicago PMI for January came in at 59.4, up from 58.8. The University of Michigan consumer sentiment survey for January reported 98.1, roughly flat with December. This data doesn't seem to explain the severe sell-off today.

SPX is still holding support, but is certainly looking weak. Based on the commentary from CNBC guests, it appears as though more and more analysts are throwing in the towel. If you draw the upper and lower trend lines on the SPX price chart, you get a classic wedge, and today's close is sitting on that lower trend line. This chart pattern can go either way, bullish or bearish, with a break-out through one of the trend lines. Monday's open will be interesting.

The January Barometer of the Stock Trader's Almanac is officially complete with a bearish prediction for 2015. SPX opened January at $2059 closed at $1995 today. It isn't a pretty picture. My Feb and Mar iron condors on RUT are both in the black, so that was a comfort as I watched this market tank today.

Forget this market ugliness and enjoy your weekend.