Investor Sentiment Reaching Bearish Extremes Again

Below is a graph from my colleague Helene Meisler at TheStreet.com which shows this week's Investor's Intelligence poll.

As you can see, if you add up the number of bears in the survey plus those looking for a "correction", you can see that we are back to levels that have marked trading bottoms in the past.

Given that the market is oversold again, I think we could be at a juncture where we again see a nice bounce. I am selling off some of my hedges, and looking to add to long positions in anticipation of any relief rally.