Adrian Ash - via Safe Haven.com

Adrian Ash shows that sentiment amongst futures traders has declined so much, that a corollary can be drawn between the 2006 - 2009 low and the most recent low.

The takeaway is that MF Global's re-hypothecating of futures accounts to JP Morgan resulted in deep paranoid thinking, that all was lost, that markets are inferrred from this one instance to be entirely corrupt, thus they abandoned the trade.

http://www.safehaven.com/article/25460/i-forget-what-you-did-last-summer