Signs of a panic bottom?

This week I have had several calls and emails from friends, acquaintances and former colleagues to discuss the state of the market. Mrs. Humble Student of the Markets also got this "joke email" from one of her friends.

The Treasury Department is putting out a new Dollar bill...

Bespoke also reports that the S&P 500 is 26% below its 200 day moving average, which is an extremely rare event.

While I continue to have concerns about the market, the combination of this level of panic and more reasonable valuations is highly suggestive that a tradable bottom is in place.