Finally, the stock market fell heavily, following our preferred scenario. The good news is that the timeframe for a good entry point into the market is getting closer. This second downleg is going to bring back fear and skepticism into investors minds and should soon be reflected into our various sentiment indicators. Breadth closed on line with the deep selloff: 532 stocks advanced compared to 2400 that settled down on the NYSE. Hedging activity improved but hasn’t reached an extreme yet; our buying/selling index and our fear/greed index registered the heavy selling activity during the day. It is too early to set a price objective but the 2500 area seems plausible.