Trading the index appears to be the best bet

AT this precise juncture, it is conceivable that if one were to take the trouble to find out the percentage of bulls and bears active in the market, the result would be tilted in favour of the latter.

This finding is likely even though the impact of a volatile, weak and nervous China on global markets appears to be diminishing, thus providing bulls with a sliver of hope. Bulls might also build on this by pointing to a relatively stable fortnight in the oil market, with some possibly arguing that like China, oil's effect has also waned over the same period.

Bears however, would hold the upper hand in such a debate. One reason would be that the bullish proposition relies heavily on central banks' interventions having a positive effect on markets first and economies second, which may no longer be the case.