Pessimism as measured by the 50,5 PPO of the equity only put/call ratio has reached an extreme. Oftentimes the final low in a correction will occur after the extreme in pessimism as occurred with the low in March 2009, but I believe that we will be building a base at current levels for a move higher. How high we go may be in question, but I think the low for the summer is probably near at hand.
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