Brilliant market selling to end the week and month

The rollercoaster market that we forexers crave returned this week and the putrid whiff of fear is again wafting through both Wall Street and Main Street.  The big news of the week was released yesterday with the US Gross Domestic Product release at 0830am, spawning a fresh load of buying and pushing the Dow up 199 points, the GDP data did slightly surprise to the upside to 3.5%.  This after three days of a moderate slide in stocks, and continued dollar weakness.  After yesterday, traders were excited that price action would likely continue up and up, at least for a time.  Friday brought in the sellers.  The important level to watch is 2712 on the Dow, which was September’s close.  But with the -250ish point fall, the monthly Dow candle will be quite a nice wick and doji.  Why all the selling today?  Could be the consumer data today showing spending fell in September now that Cash for Clunkers in finished.  This may be the beginning of truth coming out in the numbers as the economic stimulus wears, afterall jobless rate continues high and people here just cannot sustain the go-go-go spending that kept the US humming for so long.  The jobless data next Friday will be big, either way.  Question is, was today’s selling only end of month profit taking or the beginning of something much bigger?  Meanwhile, I was happy to snag about 100 pips on the GBPJPY today, selling.  Here is something to consider:  The daily GBPJPY certainly points to further downside, but even with today’s action the weekly GBPJPY is still neutral to buy.  Check it out:  The 5ema has crossed the 8sma back down on the daily chart, indicating further selling.  But the 5ema crossed the 8sma upward last week on the weekly chart and will close this week firmly in control.  Lets see if we can get a drop to the 146 region to begin buying this pair again, near the 61% retracement, looking for a return to 155.00 and maybe even 162.00 level.  Good luck.