I am traveling in the mid-Atlantic again today visiting clients. I think the post from yesterday that highlighted the last two times the S&P 500 (SPX) gapped down 1.4% is very instructive. It is a pretty rare event in two very different environments, but in both cases there was a very near-term reflex rebound then a new low. What is also interesting is that when you look at the two charts in the post, the gaps happened well after the decline had already begun, but that is not the case now.