"Part I" because this can't get emailed out until after the close, but it will be posted on the site immediately and hopefully you see this before the end of Friday's trading.
Every one of the 50 or so stock charts I follow are breaking down badly this afternoon. As you can see on the chart below, with an hour to go in Friday's session the Nasdaq 100 (QQQ) is breaking down below Thursday's lows. None of the other indexes have followed, yet, but there is still an hour of trading left to go.
Who knows, this could be some sort of selling climax, and Monday the market goes back up. But more than likely this is a prelude to a very bad week ahead. Trading is essentially a bet on probabilities and when I see the damage being done to the charts, the probability that stands out is to the downside...and hard.
Make sure you are sufficiently short going into the weekend.