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Jeffrey Saut: The call for this week

* February 6, 2017

Bullish sentiment across all venues is extreme (read: bearishly). Selling Pressure rose last week as Buying Power declined. According to the astute Lowry’s service, there has not been a 90% Upside Day since November 7, 2016. The stock market is overbought on a short-term basis. Our method of measuring the stock market’s “internal energy” is down to levels rarely seen (out of gas), and our short/intermediate models continue to counsel for caution. That said, Friday’s Fling may extend the rally attempt, but we do not think the S&P 500 gets very far above the 2300 mark. And remember, February historically tends to be a tough month for the equity markets (chart 7).

https://www.raymondjames.com/wealth-management/market-commentary-and-insights/investment-strategy

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