Complacency among equity bulls is growing but not extreme yet. With the S&P 500 ending last week right at the July high and breakout odds rising post-FOMC Wednesday, options-related sentiment readings can soon begin to flash red. From July 27th … Continued
A day before Wednesday’s mini-collapse in major US stock indices, Investors Intelligence bulls reached a multi-week high. Some of these indices are near important support, providing bulls an opportunity to regroup. Longer-term, sentiment remains elevated. Equities took it on the … Continued
Short squeeze of non-commercials in the futures market was a big factor behind the rally in the S&P 500 since mid-June. These traders have now targeted the Nasdaq 100. This has raised tech bulls’ hopes for a squeeze. But conditions … Continued
A P/E of 17x on the S&P 500 large cap index cannot be called euphoric. A little above average, sure, but not euphoric. On forward operating earnings using next year’s estimates, that is what the index is currently trading at. … Continued
Equity bulls often assert that this is the most hated bull market ever. There is some – with emphasis on ‘some’ – truth to that, particularly if we focus on short interest. U.S. stocks reached an important bottom in January/February … Continued
Investor sentiment continues to remain exuberant even as, for the first time in a while, there is a chink in the S&P 500’s armor. Investors Intelligence bulls this week jumped 2.3 points week-over-week to 62.3 percent. This was a third … Continued
Following futures positions of non-commercials are as of Oct 10, 2017. 10-year note: Currently net long 192.6k, down 39.6k. Market participants constantly rerate expectations. They have to. The related variables are dynamic and constantly changing themselves. The nimble ones are … Continued
This week, Investors Intelligence bulls registered 60.4 percent. This was the highest since the week ended March 1 this year. Bears were 15.1 percent – the lowest since the week ended May 26, 2015. Particularly post-presidential election last November, investor … Continued
Two thousand and seventeen has gotten off to a good start. U.S. stocks quickly shook off the nervous energy of the last week of December. On December 27, the S&P 500 large cap index had a go at the December … Continued
Of late, equity bulls have pulled in their horns. Just a tad. Will they be rewarded for their steadfast bullishness in the near-term? Investors Intelligence’s survey of bulls this week registered at 44.8 percent. This was the sixth sub-50 reading … Continued