I am flabbergasted at the collapse of the fear index. In the span of just a few days, it was crushed to almost half its level, collapse from the mid-30s back into the teens. We see plainly that BTFD rules the human mind. My view is that this will be recognized as an error in judgment. I hate to put so much weight on one report, but I again point to tomorrow morning’s CPI data as a potential inflection point.