Plunged!

BOY, I was dead wrong last night. The market just plunged within minutes when Obama announced that he will curb the risk-taking by banks sending all bank shares plunging. The whole market just plunged 200 pts due to fear. GS made outstanding earnings but failed to lift the markets.
A head & shoulders pattern started to form before US markets opened. And it broke through the last shoulders which send the market crashing.
I cut loss to one of my holdings and taking profit in others while it is still profitable in the morning. STI just PLUNGED in the morning session, while afternoon session seeing recovery. But remains to be seen if it's real. Think tonight could be a short rebound.