Sentiment on oil has reached compelling extremes, even if not everything agrees. There has been record volatility, and a mismatch in different contract terms. ETF investors have taken notice, and our Optimism Index is nearing a record low.; Sentiment surveys of the average consumer are starting to reflect a sharp change in expectations toward stocks. After record or near-record optimism earlier in 2020, they're now showing huge shifts toward pessimism. Most have not had enough time to fully reflect the decline, though.

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