Investor Sentiment Check

As we get ready for the home stretch, volume is running light, as expected. The market looks like it got hit with a moderate sell program, which led to quick declines across the board.

But investor anxiety is running at above-average levels. The TRIN is at 1.30, the CBOE put/call is above average at 1.16, and the VXN is spiking +9% and moving above its 50-day.

So we are not seeing the type of complacency on this decline that the bears would like us to believe.