Chubby woman in the corner is sucking on a throat lozenge getting ready. <img src="http://www.worldpeace.no/filer/White-Flag.jpg">
With all due respect, this isn't remotely close to capitulation, my friend. Capitulation will occur when the mere mention of the 'stock market' will cause friends to excuse themselves from the lunch table politely, and strangers to throw hot coffee in your face, as they choke back painful memories of recent portfolio devastation, having run completely out of faith in equities as a viable investment vehicle.
it will do nothing. Might create some short covering and a small 3% rally, but the trend is down......
I agree, we're still far away from capitulation, too many dip buyers waiting for another sucker's rally, like yesterday and last week and last month, last year................... Only a buy program can save this market today, if this market rebounds it will happen like a rocket, definitely won't be a grind higher.
This market is trending down slowly, feels like an orderly decline. You need to see a 5%-10 + drop in a single week and volume through the roof to mark some kind of bottom, this hasnt happened yet. Heard yesterday that 10% of s&p 500 stocks are down over 50%.
Let wait till yhe close and see what happens If there is a buying program coming or a sell program but it is going to make a major move in either direction