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Psychology in this market remains incredibly fragile.  In his morning missive, David Rosenberg is quick to note the jumpy investor sentiment:

“Boy, it sure doesn’t take much to unnerve the bull crowd. Just in the past week, the Investors Intelligence (II) poll showed that the share of bulls has plunged, to 40% from 52.2%; and the bear share, while still in a minority, edged up, to 23.2% from 18.9%. But those in the “correction camp” jumped from 28.9% to 36.7% — a 23-year high. But since the correction has already started, what is the real mystery is why that number isn’t closer to 100%.”

This has also been apparent in the VIX, which recently spiked over 50% in less than two trading sessions.  Investors remain skittish.