Capitulation?

Probably not . . . As of Monday evening, for example, the HSNSI (Hulbert Stock Newsletter Sentiment Index) stood at minus 33.2%. Though that suggests that the average short-term timer is bearish, he is not nearly as bearish as on past occasions of capitulation. The all-time low for the HSNSI, for example, is minus 81.8%--or nearly 50 percentage points lower.