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The market then rallies, falls back to test its low -- and just keeps? A PC clone may go south, and you're left with a pile of junk that is not supported by anyone.

Gone South

Those who get their economic news from television may come away with the impression that the economy and the stock market are two sides of the same coin. If the market is heading south, then the economy must be, too. But it's not true. What makes the metaphor work vividly is that our orientation to maps makes us think of South as Down.

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A subtle bit of chauvinism in action. So if "Lord of the Rings" had tanked, would Peter Jackson have described it as "headed north"? To escape; to vanish or disappear.

And it's GONE!!!!!!

Not necessarily in a southerly direction. Everyone in the gang went south when they learned that the police had discovered their hideout.

To fall or drop; to depreciate; to lose quality or value. Especially related to finances or stock exchanges.

The company's stock profile continued going south for the third day in a row today. I used to be a big player in the stock market, but all my investments have gone south lately. To cease working or functioning; to quit, fail, or fall apart.

Where does the phrase "gone south" come from? - Ars Technica OpenForum

Talks between the labor union and the construction firm went south yesterday, so it looks like workers will be on strike again soon. My computer is only a month old, and it's already gone south.

Lefty went South the minute he got out of the pen.