A couple of interesting Big Picture charts from Henry Blodget of Clusterstock.
This pretty much sums up where we are, where we have come from and maybe, where we are going. To simplify, these charts suggest that another 50% or more down is ahead for the markets, which is pretty much in line with the EW forecast from my weekly charts.
As for current market sentiment, Blodget observes that, "Market punditry is a lagging indicator, not a leading one. Pundits are excellent at describing what has happened, not what is going to happen."
"Pundits" would include both Blodget and yours truly. But even a blind squirrel driving a Hummer is headed in one direction or another, whether realizing it or not. Knowing what could happen is second only to knowing what will happen.