As they say, a picture is worth a thousand words. So the 'technical' view of the market presented below needs no further comment, except to say that there is lots of pain, but no sign of capitulation. And as far as the fundamentals go, today's punk jobs number, last night's China PMI number and the ongoing European Debt saga are keen reminders that global macro risks have never been higher. Therefore, there remains a MAJOR disconnect between Wall Street's view of the world v.s. reality. A divergence that is already closing, and soon to be sealed shut:
Postscript: 'TRIN' (aka. Arms index) in the bottom pane is a measure of selling intensity, which as you see is rising, but still well below last August...
