A news presenter on CNBC today said, is this capitulation? Some people are throwing that word around as global markets have corrected and flirt with outright bear market handles on their losses. The news presenter went on to say it feels like a depression.

The color across the board is red all over. The seasonal swoon is on. It was the worst May in twenty years. It will be a long summer with light volume, until Iran shows this latest accommodation was merely a tactic to buy time and frustrate the West.

Meanwhile summer bottom fishing season begins.

Can you see your bobber?