Market Recap Thursday August 4, 2011

Capitulation calls are growing. If this market was capitulating AAPL, the source of cash for all margin calls would be down a lot more than 3%. This is controlled selling right now. The VIX was elevated today but there is no mass “get me out of Dodge” selling here. The fear of missing out is still greater than the fear of losing. Longs are still hopeful. Capitulation is when longs become fearful.

I also want to repeat a word of caution mentioned earlier about those fund managers paraded on CNBC telling you to buy this market. When asked the question are

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