Sunday, January 22, 2012
Investor Sentiment: Is This the End of the Road for the Rally?
The "dumb money" indicator has become extremely bullish (bear signal), and this is what one would expect with rising prices. The higher prices go the more bulls that are recruited. But is it the end of the road for the rally? Not necessarily so. In 1995, 2003, 2009, and Q4 2010/Q1 2011 we saw the phenomenon that I have dubbed "it takes bulls to make a bull market". It is a market characterized by rising prices and excessive bullishness. In the case of 1995, 2003, 2009, the excessive
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