When the market is as broken as it is right now, the only way to make any "sense" of things is to lurch from one side of the boat to the other. Like today, when we got the biggest Nasdaq intraday low to high surge in two and a half years and the most violent snapback in the Russell 2000 since November 2011!

So where is investor sentiment?

Well at 4 (on a scale of 0 to 100), it is the lowest it has ever been, except for the days when the entire financial system was on the verge of failure, when it was 0.

In other words, investors - at least the carbon-based variety not the vacuum tube-driven algos, assuming there are any left - are in a state of complete shock! And with moves like today's, this is completely understandable.

To which all we have to say is: Enjoy the whiplash dear retail investor, and hopefully your record fear quickly becomes record greed: otherwise all of the Fed's rigging and manipulating of every imaginable market just to get you back in will have been for nothing.

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