Time to get back in: Large caps oversold -- and then some

Stocks are oversold to levels not seen since October 2008, according to Bespoke Investment Group LLC, a research firm. As of about 2 p.m. Eastern time on Monday afternoon, just six stocks in the S&P 500 index were still trading above their 50-day moving averages, according to Bespoke. Bespoke co-founder Justin Walters, reached by phone later in the day, said the number was probably now close to zero. The zero point was last reached in October 2008, Mr. Walters said. Near-zero readings have been seen only near lows of the past bear markets, he said. If fact, the S&P 500 index is now four standard deviations below its 50-day moving average, Mr. Walter said, a level that "has only been reached a handful of times since the history of the market. It's pretty amazing."