This week's sentiment overview outlines the bullish overtones of the market. As we await the results of the mid-term U.S. elections and the imminent arrival of the second wave of quantitative easing from the Federal Reserve, it may be useful to recall the old Wall Street adage to "buy the rumor and sell the news."
Sentiment Surveys
Contrarian investors should sit up and take notice as we are finally getting a definitive extreme reading from the weekly AAII sentiment survey. According to the survey, the majority of retail U.S. investors believe that the stock market will be higher six months from now: 51.2% were bullish and only 21.6% were bearish.
As I mentioned yesterday, this is the first time we are seeing such a larger bullish camp since...
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More on sentiment:
Investors are officially giddy about stocks again
Bullish sentiment pushes even further into extreme territory
Investors are becoming dangerously complacent again
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