Yesterday's action added -42 to my already oversold daily CCT. That brings the count once again to that magic -222 reading that we have seen three times in the last two months. There were numerous sell programs yesterday on very high volume as this market took out the years lows that we saw in May. Was yesterday a capitulation bottom? We will have to see, although I would have liked to see a very high minus tick reading somewhere in the range of -1500 to -1600 to have better confirmation. The S&P cash ($INX) managed to close back above the important 1040 level after making a new yearly low, This is significant as this was an important close for the bulls to hold and they did. We will see if that holds again today.