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Friday, February 02, 2024 9:15:12 AM
Bullish Sentiment Can Stay Bullish
By: Almanac Trader | February 2, 2024
Concern over frothy bullish sentiment has some of the biggest bulls concerned. But Bullish sentiment can stay high for quite a while. Just look at the two Investors Intelligence Bullish and Bearish readings. Both the difference and ratio of bulls & bears were at and above these levels in 2021 as the market ripped higher all year. Contrary sentiment indicators are more effective at extremes and at calling bottoms not tops.
Yesterday’s selloff as the market came to grips with the fact that a March rate cut is unlikely suggests we may be due for some further weakness. Which is not out of the ordinary for February even into March. February is the weak link of the Best Six Months so expect some pullback.
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DiscoverGold
By: Almanac Trader | February 2, 2024
Concern over frothy bullish sentiment has some of the biggest bulls concerned. But Bullish sentiment can stay high for quite a while. Just look at the two Investors Intelligence Bullish and Bearish readings. Both the difference and ratio of bulls & bears were at and above these levels in 2021 as the market ripped higher all year. Contrary sentiment indicators are more effective at extremes and at calling bottoms not tops.
Yesterday’s selloff as the market came to grips with the fact that a March rate cut is unlikely suggests we may be due for some further weakness. Which is not out of the ordinary for February even into March. February is the weak link of the Best Six Months so expect some pullback.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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