From the perspective of the always fickle individual investor, the sharp commodity pullback which modestly shook the tree in stocks over the past few weeks has gotten them more cautious. The AAII measure of individual investor sentiment (as opposed to the II measure of newsletter writers which still shows a small amount of bears and elevated bulls) saw Bulls fall to 26.7 from 30.8, the lowest since Sept and the Bears rise to 41.3 v 35.5, the most since Sept. It certainly was a good contrarian set up for yesterday’s rally but I’m still of the belief that a downward trend with lower highs has begun. In Asia, with just 3 weeks left before Q1 ended, the Japanese disaster basically froze their economy as the full Q saw a contraction of 3.7% annualized, almost twice the expectations of -1.9%. In Europe, Spanish bond yields continue to creep higher after Spain sold 10 and 30 yr paper that in total were 800m euros less than expected and the bid to cover for both were below 2.0. Positively for the US consumer, gasoline prices fell another .02 and are now down .08 over the past week to a still painful $3.91 for many.
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/