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Chart In Focus

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March 14, 2019

Price = Sentiment

Most of the behavior of market sentiment indicators is driven by what prices do.  This week’s chart is a case in point, showing the spread between the bullish and bearish percentages as reported by Investors Intelligence.  The attribute of these data that I want to call attention to is how closely this bull-bear spread resembles the price action of the SP500.  There is a slight lag in that resemblance, owing to the data tabulation and reporting lags inherent to publishing any surveys of how people are thinking.  The newsletter writers and investment advisors have to first form their opinions, then publish… more

 

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