Too Few Bears Spells T-R-O-U-B-L-E

Albert Edwards of Société Générale makes the simple contrarian arguement that the low number of equity bears is a bad sign for equities:

“The current extremely low number of equity bears (the lowest since the market top of 2007 – see chart below), the likelihood is that the next leg of the long-term structural valuation bear market is closer than people might realise.”

Here is Edward’s chart:

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click for larger graphic
2 few bears

Source: Datastream, SG Cross Asset Research

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