Investor Sentiment Check

The markets are still hovering near their lows of the day, and have not really mounted any type of intraday rally so far.

Investor sentiment indicators are at high levels of angst today. The CBOE put/call ratio closed at 1.24 yesterday, and is at 1.32 today; the ISEE is at a depressed level of 70; and the ARMS Index has been as high as 1.95 today, indicating heavy selling pressure.

It seems that traders are quickly positioning for a retest of the January lows, and putting downside protection in place.

My biggest worry in the near-term: the new highs in the Yen