So Bearish, Its Bullish

I wanted to highlight some bullish indicators that I am seeing:
  • The II survey is out and the bulls are at 37% while the bears are at 35%. Bears are at levels seen at the July 2009 lows. Can it get get more extreme? Sure, but these are pretty extreme numbers and it is certainly extreme enough for a rally.
  • Rydex traders grew more bearish yesterday and are as bearish as they were at the July 2009 lows. The only time we saw them get much more bearish was late 2008 and early 2009.
  • We have had several anecdotal clues as over the weekend Bloomberg highlighted bull turned bear Barton Biggs. The New York Times highlighted Robert Prechter and Nouriel Roubini hosted Squawk Box. I hear the Grim Reaper will be on Fast Money tonight.
  • The market is deeply oversold on a short term basis.

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