- Rydex traders have become bearish although there is still room before it becomes extreme.
- We have seen numerous days of heavy put buying but it can get more extreme.
- There has been panic, fear and a surging VIX.
- The bulls have backed off in sentiment surveys but it still has room to get more extreme.
It looks like the whoosh lower I was looking for happened Friday after I left the office. As such, I no longer plan to be as aggressive on the long side unless we have another move lower this week.