Buzz & Banter
Just a quick note: The Investor's Intelligence sentiment survey, conducted by Chartcraft, Inc., came out with another very large jump in overall bullishness for the week ended last Friday. The bearish percentage fell to a 16-year low.
The bearish percentage is in the bottom 8% since 1969, while the bullish percentage is in the top 8% since '69. Lotsa newsletter writers jumping on this rally.
While this is extremely troubling to me in the current environment, it should be noted that since 1969, each of the other times the bearish percentage dropped this low, it stayed that way for many weeks or MONTHS on end. A single such reading is not enough to sell stocks en masse, but it should at least raise a caution flag.
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