The markets rallied an amazing 4.9% off their intra day lows yesterday to close up on the day. The action was so intense, that my wife Lisa got in on the commentary, sending me the following words of wisdom after the close.
capitulation-- C-A-P-I-T-U-L-A-T-I-O-N
I believe there has been capitulation in the market.
Capitulation
It also turns out that my 12 year old son Pete made the finals of the school spelling bee, an announcement we received last week. Pete, of course, gave us strict orders to keep this under wraps. (I'm not sure spelling bees are cool). Unfortunately, when a fever breaks, it's hard to hold back.
Especially for mom's, dad's, and oversold markets.