It has not caught much attention in the financial media, but just 3 weeks ago, the commercial traders of crude oil futures reached an all-time high in terms of a net short position. The commercial traders are the big money, and thus they are presumed to be the smart money. But quite often they will get to a skewed position well ahead of a turn for crude oil prices.
No key support levels for the U.S. market have been broken, even short-term, and we remain in the market's favorable season.
But it was the anecdotes about what investors were doing that were most disturbing.
The people featured in the article are making all the mistakes in the book: jumping in to the market again after a huge, multiyear run; buying individual stocks, a loser’s game for the vast majority of investors, and, worst of all, trading.