JSCO investor pain index above average but significantly lower than Oct-Nov 08. VIX pain showed for compairson

1. Investor Pain Index
0%
50%
100%
150%
200%
250%
Sep-08
Oct-08
Nov-08
t Dec-08
Investor Pain Index
µ
Jan-09
VIX pain
Dow
Feb-09
Mar-09
6,000
7,000
8,000
9,000
10,000
11,000
Dow Jones Industrial Average
τ
µ

2. AAII Bearish Sentiment Bearish Sentiment + 2 StdDev
Current Bearish level in perspective S&P performance 24 mos. fwd
100 per. Mov. Avg. (AAII Bearish Sentiment)
80.0% 100%
In 2002, 2004, and 2005, bearish
sentiment was nearly as high as Maximum bearish
70.0% 80%
it was in March 2009; 24 months sentiment in 21 years
later (as indicated by the black
dots), share prices rose
60.0% 60%
S&P 24 mo. fws performance
Bearish Sentiment
50.0% 40%
40.0% 20%
30.0% 0%
20.0% -20%
10.0% -40%
0.0% -60%
Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08