The Discovery Channel broadcasts "Man vs. Wild" starring Bear Grylls. On that show you can watch Bear survive being stranded in some god-forsaken uninhabited region and then make it back to civilization. While doing this he provides the viewer with running commentary about the flora, fauna, climate and geography of the area in which he finds himself. Not only does the viewer witness Bear cross deserts, ford rushing water, construct overnight shelters and avoid all sorts of dangers, the best part of the show is watching him, with characteristic British pluckiness, eat and drink a dizzying number of things you will never find on most menus - yak blood and yak eyeball, the liver of a monitor lizard, carcass maggots, water from the poop of an elephant and, the piece de resistance, his own urine (do not try this at home).

While most market participants have likely never been in a legitimate "Man vs. Wild" moment, managing a portfolio of stocks over the last two months probably seemed like you were. We've done a fair amount of traveling during this time and have met with accounts from London to California to Cleveland to Texas to Boston and have found one thing to be certain - investor sentiment has moved from confident to disconcerted. As the Investor's Intelligence data here show, bullish sentiment peaked in late April and as of the last reading the percentage of bearish newsletter writers has now eclipsed the % of bullish newsletter writers. From a contrary perspective, this is a plus. Moreover, it seems to us that even the bearish investors aren't that happy - if only because it seems that these investors will only be happy if/when more than just yak blood is running in the streets.

David Fuller's view For my latest views, please see yesterday's stock market comments and actions, which are also detailed in the daily Audios.