Been Down So Long Looks Like Up to Me

One measure of long term sentiment is the McClellan Summation Index. In brief, it is a long term measure of advancing issues vs. declining issues. It closed yesterday at -4612. It has not been that low for over twenty years - not even close. Only twice before has it been below -3000. This is real fear and negativity.

Read this piece by Warren Buffet in today's New York Times. This is what he does in times of fear.