The investor’s sentiment has quickly turned bearish. Scanning the variety of sites out there, more newsletter writers are looking for a correction than at any other time since 1984 – although we have been calling for this for about a month now! According to the most recent survey by Investors Intelligence, 38.9% or newsletter writers are expecting a correction, which is the highest level since 1984.
Per the chart above you can see that there was a big drop in bullish sentiment last week – as we have said time and again. See our post here from Jan 24th where we noted “It clearly shows how bullish (i.e. foolish) people are right now trading.”
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