The stock market fell again sharply and is entering into the area we mentionned several times in our previous comments. Finally, the pieces of the puzzle are adjusting themselves and we are entering into the capitulation phase that may last until the beginning of the year. Downside momentum reached extremes with 3212 stocks declining on the NYSE compared to only 571 stocks advancing. Hedging activity surged with options traders betting on the downside by buying a lot of puts, the put/call ratios that were mostly evenly splitted lately surged recently, a good sign. Our risk profile index improved noticeably.