If you look at the table below based on data from Eakle's decades-long Stock Market Diary, you will see that Monday probably represented a dramatic purge and capitulation such as we haven't seen since 1987 or 1990, when the percentage of stocks above their 200-day moving averages also fell to single digits.

FORBES: Magazine Article

Risk aversion is back on the table after U.S. equity markets have been nose diving for the last couple of weeks, data shows a general slowing of the global economic recovery, and QE2 comes to an end.

FORBES: S&P 500's Overreaction To Risk Aversion Won't Boost The Dollar