In case you missed it, the CBOE volatility index, aka – the fear index – spike up over 81 this morning. O.M. G.!!!!! It looks like Main Street (I recall hearing something about that in the debates) is really worried – or /br /Check this chart:br /a onblur=”try {parent.deselectBloggerImageGracefully();} catch(e) {}” href=””img style=”margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;” src=”” alt=”” id=”BLOGGER_PHOTO_ID_5257920448459255570″ border=”0″ //aA member of a chat room – sorry, can not recall the name – slapped some elliott waves on it when it was in the 60s and sure enough it worked! Time for some mean /br /The VIX has been trampling records for weeks but this time it seemed to be coupled with news that the economy is perceived to be heading into the toilet. One look at the loser board Wednesday bore that out:br /br /$DJUSHV -16.12% DOW JONES US HEAVY CONSTRUCTION INDEXbr /$DJUSBS -16.69% DOW JONES US BASIC RESOURCES INDEXbr /$DJUSOQ -17.43% DOW JONES U.S. OIL EQUIPMENT, SVCS amp; DISTRIB INDEXbr /$DJUSPP -17.80% DOW JONES U.S. PAPER INDEXbr /$DJUSFR -17.80% DOW JONES U.S. FOR RY amp; PAPER INDEXbr /$DJUSOS -18.39% DOW JONES U.S. EXPLORATION amp; PRODUCTION INDEXbr /$DJUSNF -18.85% DOW JONES U.S. NONFERROUS METALS INDEXbr /$DJUSCL -19.29% DOW JONES US COAL INDEXbr /$DJUSST -19.34% DOW JONES U.S. IRON amp; STEEL INDEXbr /br /Yikes! This list was published in Thursday morning’s newsletter and it cleraly shows panic in the economically sensitive /br /I am wondering – might we be seeing capitulation in the economy? Forget stock market capitulation. Everyone is looking for it.