(New York)

Markets are ugly right now, but one of the important questions is whether the bottom is really going to fall out. Well, one measure suggests the market is steadier than it seems. Both the put-call ratio and the TRIN ration (ratio of advancing versus declining stocks) both suggest investors aren’t panicking. The put-call ratio is only at 1.04, or 104 puts for every 100 calls, a very modest reading. Additionally, the TRIN is only 1.27, not drastic.

FINSUM: One institutional investor made a good point about the market right now—that it might take some hard economic data to show the market that its fears are real, and thus set the stage for a recovery. In other words, the specter of a recession may be worse for investors than the downturn itself.