Equity markets are exhibiting every indication of panic and fear. The above chart combines a series of seven longstanding sentiment indicators into a 0 to 100 score. The current score is the polar‐ opposite of where it was twelve months ago. Further supporting data can be found in last week’s options market, which saw enormous put buying volume at each open. Since January 2000, only five weeks have witnessed this degree of put buying volume, a further indication of panic.