"Capitulation" is a term that investors use to call the bottom to a bear market. When everyone just throws in the towel and sells everything, that's capitulation.
The problem is, according to some, that we are not experiencing capitulation if we are still asking about it. In other words, it ain't over 'til it's over. You can't observe capitulation when it is happening.
Bottom line: As long as we're thinking the stock market can't go any lower, it probably can. The minute we stop paying attention and go for a walk or watch "American Idol", the market will, in all likelihood, make a roaring comeback while nobody is looking.
Now get on with your life.