In the following article, Chris Ciovacco of Ciovacco Capital Management takes a look at the mood of the common investor as the outflows of equity funds reach new levels of pessimism. These levels are actually more pessimistic than in July 2016 when everyone was convinced that Hillary was going to be elected. They are even more pessimistic than at the depths of despair in March 2009 after the beginning of the “Great Recession”.  So what is going on? ~ Tim McMahon, editor.