Investment advisors have remained extremely optimistic, despite the less than stellar market conditions since the market peaked late January. This works as a contrary indicator, because people become more bullish after buying stock – call it the pride of ownership).
S&P500 versus Sentiment (1988 to present)
Source: Chart of the Day
One can disregard overly optimistic sentiment indicators if the tape and internals are strong. They have been choppy lately, and not providing very much guidance.
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Quote of the Day:
“Regret for the things we did can be tempered by time; it is regret for the things we did not do that is inconsolable.” ~ Sydney J. Harris (1917-1986)