This is capitulation:
- “Whatever money you may need for the next five years, please take it out of the stock market right now, this week” – Popular financial guru Jim Cramer on the Today Show this morning.
- The S&P dropped more than 200 points – 17% – over the last 6 trading days at its low today. That’s a years worth of losses in 6 days.
- The Fear Index (VIX) spiked up over 58 – higher than at any point during the 2000-2002 bear market.
- 50% of the stocks traded on the NYSE (1644 out of 3294) are currently at 52 week lows – totally unheard of.
I put a good chunk of money to work today. You shoud think about doing the same.