the europeans have wet their pants

... and so have the Arabs going by the oil price and so have the East Asians going by the Yen ... and so have ...

As I write, Russia is down 9 %, Norway is down 8 % ... so scared about what might happen in the U.S. tonight, which is ironic given how strongly markets were rising going into the European openings. GIP is down as well.

At the risk of repeating myself, since the world looks like it's coming to an end tomorrow, for the fourth time in just over a year ...

... Thanks in part to a HC poster called "crashy" some years ago ...

The Seven Signs of Capitulation ... prior to a major bottom such as September 2001 and March 2003

(1) Panic selling
(2) Universal bearishness
(3) High volume
(4) High volatility
(5) Media calling it the end of world
(6) Public participation hits new low
(7) Valuations become meaningless.

All 7 must be met.

...

Want an end of the world example (point 5)? Try ...
http://business.smh.com.au/business/nightmare-on-wall-street-and-your-street-20080915-4h59.html
Nightmare on Wall Street, and your street
Jacob Saulwick and Clancy Yeates
September 16, 2008
"Before Bear Stearns's failure, there were five main investment banks on Wall Street. Only two now survive, with Morgan Stanley and Goldman Sachs increasingly isolated."

...

I'm once again in the process of ticking six of the seven and note that no one seems to care about GIP's broker valuation of about five times the current price. They will.