Negative Sentiment is at very high levels? Maybe not high enough yet to guarantee us a short term bottom. Negative sentiment high enough to do that can be measured by looking at the VIX/VXO/VXN and the put to call ratio vs the SMH.
High levels of negative sentiment would be a VIX/VXO/VXN stretched 10% above the respective 10 day sma's. Looks like we are pretty much there on these charts but not the put to call ratio below:
> > > > >
Next we can check to see if the put to call ratio is above 1.0. That would be a high level of negative sentiment:
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