- The ISI hedge fund survey showed another decline in net long exposure to levels last seen in April 2009.
- The number of bears in the Investors intelligence survey is at 2009 levels
- Short interest on the NYSE is at 2009 levels.
I hate to sound like a broken record but I believe the bear camp is very crowded. The situation in Europe is very serious but if a non lethal solution is found, many will be in a position to have to chase a rally.