We noted back in February that the surge in page views tends to occur towards a tradable low — not THE low, but usually one that is good for a few weeks. That last contrary signal worked out quite well.
We got another such signal on Monday — page views skyrocketed to what might actually have been the single biggest one day total.
In other Contrary Indicator news, it was reported yesterday that Goldman Sachs replaced the perennially optimistic Abbie Joseph Cohen as their chief markets forecaster.
Have a look at the chart below. This suggests a temporary crescendo of bearish activity:
Above you will find the latest snap of the traffic. Inexplicably, Typepad uses GMT to GMT as their day, rather than having the date be set to the users locale (i.e., midnight to midnight EST).
I’m writing this Monday night, and hopefully won’t be too embarrassed about this Tuesday morning (Ed: Futures are considerably higher this morning). Be aware that Producer Price Index (PPI) and Housing Starts are out at 8:30am, and the FOMC announcement is at 2:15pm, so today is likely to be quite volatile.
I am curious if any other bloggers saw a similar traffic surge . . .