Yesterday was a classic day of capitulation. All sectors, all industries and 99 of the Cara 100 were trounced. In fact 24% of the high-quality Cara 100 dropped more than 10.0% on the day. Today will start out on the same course.

Why buy today when I can put off that decision until tomorrow? Isn’t that the opposite of saying on May 19, why sell today at Dow 13,000 when I could put that decision off until November 19 with the Dow at 8,000? Procrastination and opportunity: two words you ought to think about today. see Addendum