Although Kipling’s most famous verse may seem too obvious in this context, we can’t think of a better time to invoke it. As we go to press, the Dow is down another six percent today, adding more pain to the 22% decline already for the year. The advance/decline ratio is an unheard of 1:30, and the VIX (volatility index) is at a record 57. To call what we are witnessing today anything other than panic selling would be bordering on delusional.

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