The Good News is this kind of sell off usually means we are near a bottom.

It is called capitulation. It is when traders and short term investors decide the pain is just too much and dump almost everything. It is sometimes called panic selling. It is when great companies go on sale.

Look for today to be a very volatile trading session but mostly down. Look for the media to give all of their chicken little falling sky scenarios.

Look for programmed stops to happen and a lot of hand wringing and gnashing of teeth.

Why all the doom and gloom?

We are seeing the second day of a world-wide sell-off and the US markets were closed yesterday. That makes short term types very nervous and they will have some catching up to do today. Oh yeah, and no one appears to believe the political vote buying the politicos are trying to sell as a stimulus package.

But please, please, please look the other way and ignore those of us hunting bargains over these next few days.