Bulls are down to 22.2 and Bears are up to 54.4, which is close to an extreme. The Rydex Nova/Ursa though at .75 is rather a sell level contradicting the first. Too many people shouting "buy" here is also a strong indication we do not have the low yet. Even the ISEE (those are the net option positions from the long (option) side only) are a bit too reluctant last few days with far above 100 closings.
New areas of distress are adding pressure with emerging markets being dragged down by Argentina. Looking at the next 3 quarters earnings expectations, one can get a heart attack - far too optimistic still. Hence, we have not priced in ugly scenarios yet to get a buying level which is 10-15 % lower from current levels.
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