Interesting post by Barry Ritholtz, referencing the esteemed technician Mary Ann Bartels of Merrill Lynch. Remember that sentiment is just one piece of the puzzle in your market analysis…
Investors Intelligence (II) sentiment data shows 34% of newsletter writers are expecting a correction. The prior two corrections occurred with this level at 34.7% and 35.1% respectively.
Bartels adds that “newsletter writers need to capitulate and remove their calls for a market correction in order to get a contrarian bearish sentiment extreme.”
You want obvious? People would use condoms more if only they felt better. I’m rich and I like to inspire innovation, so I’ll give a huge cash prize to whoever can invent a condom that feels better.
lol
Didn’t work too well in May-June 2011
very good point