1. The stock market has had a difficult year, with a 25% peak-to-trough drop in the S&P 500.

The average duration of declines in the market is the worst since 1977, at 2.3 days.

There have been three separate bounces of 10% or more in the market.

Pessimism among traders rivals that seen during the financial crisis and the dot-com crash

Government bonds, which are typically seen as a safe investment, have not provided a buffer for the struggling stock market.

Buying put options as a way to hedge losses has not been effective, leading to increased trader angst.

 The S&P 500 has fallen almost 6% in December, with downtrends drawn out and big up days unreliable as buy indicators.

Buying stocks after 1% up days has resulted in losses, with the S&P 500 falling an average of 0.2%.

Retail investors, who previously bought into the market during dips, have been burned and are now exiting in large numbers.

Day traders have net sold $20 billion of single stocks in December, pushing their total disposals to almost $100 billion.

 Morgan Stanley estimates that retail investors may sell an additional $75-100 billion in stocks as the new year begins.