The sell off intensified with waves of selling hitting the market, bringing indexes back to the beginning of the year or even lower. Breadth was again awful: 285 stocks advanced compared to 2714 that closed lower. Our capitulation index closed for the second day on a row on levels that historically reflect panic selling across the board. Beyond the fear of the pandemia, it is worth taking into account the fact that systematic strategies used by CTA’s and hedge funds has added a great deal of selling orders when all models turned down at the same time. We stand in a situation we have gone through many times in the past when trying to catch a falling knife may be very painful but it is always in periods of panic that the best opportunities may be seized. In summary, our risk profile index has improved but has not yet reached extremes readings associated with major bottoms.