Investor Sentiment: It's too Early to "BTFD"

In the absence of extreme bearish sentiment (i.e., bull signal) developing, it is unlikely that any upward price move in the major equity indices will last more than a couple of days and it is likely that selling will resume once those prices move towards the recent cyclical highs. Having more bears than bulls at the start of a rally provides short covering fuel and buyers on the sidelines willing to chase prices higher. These conditions don't exist even in the shortest of time frames.

Read more ...