Yesterdays rally was completed negated with the whopping gap down that had the SP’s opening below 700.
Buyers were simply nowhere to be found as the harsh reality of the bear has grabbed hold of everyone. So bearish that one would have to think the bottom is near. When we officially cannot find 1 more bull and your neighbor who has never participated in the markets tells you he is bearish, then and only then will we find the true bottom.

Looking for capitulation?

What is more worrisome than previous bear markets is the fact that this one is being led by the financials, so it begs the question - if the financial institutions are out of money who will be buying the bottom?

Keep your powder dry, the opportunities will present themselves.