A few charts showing the state of sentiment, and other technical factors.
On Tuesday, we made a Bullish trading call for RR&A subscribers — it was based on technicals and sentiment (since we launched Ritholtz Research & Analytics, I’ve had to move the trading calls off of the blog; it keeps the lawyers sane and the regulators happy).
Have a look at the 4 charts in question:
Put Call Ratio
None of this changes the longer-term perspective, or the views on the second half of the year; Rather, it recognizes the washed out condition and potential for a 3-6 week counter-trend rally.