You can see we’ve had seven significant declines this year.  A clear observation in this chart is that the declines are fast.  As they say, the market goes up on an escalator and down in an elevator.

We’ve had a 12% decline over six days.  A 5% decline in three days.  A 9% decline in thirteen days. An 8% decline in six days (to open October).  A 7.8% decline in eight days. A 6.8% decline in ten days.  And, this recent, 8.2% decline in five days (assuming yesterday was the bottom).

So, the seven declines of the year have averaged 8%, over a period of seven days. This argues that we probably have, indeed, seen the low on this recent sharp slide.

And that leaves us, at today’s close, with a stock market trading at 15 times earnings — among the cheapest valuation we’ve seen only two times in the past 26 years.

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