Hey folks, I have to let you know about a new trading tool I have.
That bullish reversal call on CNBC on January 23rd? In addition to the other indicators I track, I have another "special" sentiment reading. Its become my secret weapon.
What is it?
As a group, it seems that traffic to blogsites can be tracked as a contrary indicators — especially when the market is under pressure.
Note that the selloff in August, and then the more recent whackage in January, each created a major traffic spike — which led to a bottom, and a healthy bounce.
Sitemeter traffic to TBP as of January 30, 2008
Now, maybe the content here suddenly got much better. It could be that I suddenly became a whole lot more insightful, or perhaps my prose more poetic — but I doubt it.
What most likely occurred was the market turmoil generated an influx of new visitors.