I think this call was vindicated, and I'm afraid that we're a long way from capitulation. What positive catalysts are out there right now? Even assuming stocks are forward discounting mechanisms (assuming that)? If the oil stocks roll over, as the steel stocks have today, look out below, because even the mirage Dow index won't be able to mask the free fall.
And I won't be too humble to take credit for that oil knock-on effect call (as the final nail in the coffin).