There Ain't No Bears in There

Did you ever sleep in a bear pit
With apple cores and mice along?
Did you ever lay on ice and grit
Or search for a place where the wind was gone?
--Pete Townshend

Analysis of Rydex asset levels. The Rydex Asset Ratio ((Bear assets+ MMF assets)/Bull assets) is at a 10 year high. Bearish assets are at a 10 yr low.

Historically, high points in the Rydex Asset Ratio have decent correspondence with market tops.

position in SPX