I’ll be honest right here – blog readers are not going to get my conclusions after today’s huge percentage loss (number 11 all-time) and point loss (number 3 all-time). This is where the rubber meets the road for paid subscribers. I will apologize to those reading this now but I am sure you can understand.br /br /Just some observations:br /ulliFox business news anchors (who have been around) were visibly shaken and panicky/liliInterviewed guests – the “pros” – were citing how we should ride it out if we don’t need the money right away/liliVolume was heavy but not panicky at all. The tape seemed rather orderly./liliVIX at 64/liliDow dropped 100 points AFTER the closing bell (order imbalances)/liliComparisons to 1929 are coming out the wazoo/liliPredictions that hedge funds will blow up and junk bonds will default have started/liliEvery find company has sent out “letters from the manager (or CEO) trying to soothe frayed nerves/li/ulSome of these are capitulation. Some are bulls just licking their chops to buy bargains.br /br /But as I wrote in Barron’s Online yesterday, no analyses are working the way that we expect them to be working. A reader wrote in to chastise me for saying they don’t work but that is not what I said. What I said was they don’t work the way we expect in this environment. It is that reason that I am sitting it out and not because I have lost my way.br /br /Would you put real money to work – long or short – if your tools were acting weird?br /br /Would you drive your car on the freeway if the engine light were on, your gas gauge read more than full and the speedometer were reading negative?