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With an hour to go, the market has come back and cut its earlier losses by more than half.

One earlier sign that we could see a late day rally was the spike in investor sentiment indicators. The VXN was spiking higher, and the TRIN hit 2.29 - an elevated reading.

Also, the CBOE put/call ratio was near 1.0 early on, while the ISEE opened at the equivalent of 1.28, and has been running above 1.0 all day.

So once again, investors were quick to jump on downside bets as soon as the market looked weak. But the time for us to get really worried, is when the market declines, and investors merely act complacent. That's not happening yet.
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