. The index, which tracks options prices on the S&P 500, swung back toward that level again during the Wednesday morning sell-off. When it rises, it means investors are getting worried and paying more for to hedge against a market drop.
Contrarians believe once the sell-off has washed out the weak hands and caused them to sell, the market can rebound again. Ned Davis' own measure of investor sentiment shows a similar story to the volatility Index. When it declines, it means fear is increasing. The reading in the NDR Daily Trading Sentiment Composite was 35.56 on Tuesday. The composite fell below 20 during the June pullback and below 10 during the market correction last December.
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Are you kidding me? They're no where near the bottom yet
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