Another day of all superlatives despite the Fed massive intervention. The daily Vix closed at a higher level than on the 24th October 2008. Hedging activity in the option market was tense and breadth was awful : 267 stocks advanced compared to 3817 that settled down. It is worth mentionning that our capitulation index is oscillating on a daily basis from extreme fear to extreme greed, this is not a sound pattern and indicative of a major bottom but at least it shows  that liquidity is maintained in this market. On the other hand, we still haven’t observed a clear liquidation process on the NYSE and especially on the Nasdaq market as measured by our buying/selling index, this is quite troublesome.