Sunday, April 22, 2012
Investor Sentiment: Bulls Lose Enthusiasm
The "dumb money" indicator has become more neutral suggesting that the bulls have lost enthusiasm for this bull market. As can be seen in figure 1 (below), the indicator has dropped below the upper trading band (green arrow). From this perspective, the playbook becomes real simple. If the indicator moves back above the upper trading band, then investors are putting risk back on, and all in likelihood, this would represent the last gasp of speculation in an aging bull market. This would
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