First headline I saw at Marketwatch this morning: Why a fanatical run higher may be shaping up for stocks.
First headline I saw at CNBC this morning: Fear of ‘missing out’ will drive markets: Technician (click for article and video)…
The guy in the video is actually rational and echoes my thoughts on Biotech at the time of the liquidation. The lady is a little more crackish; another chartist heard from…
NFTRH 365 Market Sentiment Bottom Line:
“Folks, the over bearish backdrop that was a big concern for bears not even a month ago is being eliminated. The stock market bounce is doing its job. While SPX continues to target the 2020 to 2060 range (with an outlier possibility for 2100 +/-) the backdrop is now one of rising risk to the sentiment bounce rally.”
Here is but one of the indicators we used to support the above, Sentimentrader’s Smart/Dumb money data graph. If you look closely, you’ll see that aggregated dumb money has aped the bottom and bounce in the S&P 500. Now we are poking up into the target range with the media telling newly greedy investors what they want to hear again. Well, they were doing that in August in September as well, but investors wanted to be fearful back then. Not so now. The bounce is doing its job.
Leave A Comment