the paradox of capitulation, page-2

My version of capitulation is when ppl have held their shares as long as they can and because the (paper) losses get bigger by the day, they hold on until they cannot bear it no more and they 'capitulate' to the market forces.
It was noted on cnbc on friday night that a lot of the thursday selling at the end was mutual funds selling 401k's which I have found out is ppl selling their superannuation portfolio in the US, the traders on the floor of the exchange were very confident that the bottom was upon us, time will tell, and it could fall further, but the signs of capitulation are there.
It was also noted that before the start of trade on friday it was referred to as a classic, sell into the end of trade 'thursday' and a big selloff on open 'friday' and then a rebound, they also got that right.
Another trader who has been very close to spot on is Ben Lichtenstein at the CME, he has called the low points all the way through, also said the market had to get to 7500, when it was at 9500, and called it to fall to 9500 when it was at 11000.