The CPC gave a whole cluster of warning signals
A reading above 1.20 shows extreme bearishness among speculators and can indicate a good time to buy stocks for the short-term. A reading below 0.80 shows extreme bullishness and could indicate a good time to sell.
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It's hard to see that the market going to meltdown even more, and even if it did 2800 will be a place to buy. I would start to take positions.