Vanguard has ETF's that tilt towards value: VBR, VOE, VTV.
I perked up when you mentioned an Euphoria-Panic index. Apparently, it's a proprietary thing from Citi.
Panic/Euphoria Components: NYSE short interest ratio, margin debt, Nasdaq daily volume as % of NYSE volume, a composite average of Investors Intelligence and the American Association of Individual Investors bullishness data, retail money funds, the put/call ratio, CRB futures index, gasoline prices and the ratio of price premiums in puts versus calls.
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