A quite compelling chart from Ryan Detrick of Schaeffer's Investment Research – here is the recent history of the S&P 500 when the investors intelligence survey shows a bear reading of 20% or less, as we currently sit. It doesn't bode well for the market save for one instance in late fall 2009 (during QE1) when it stayed at that level for a while without a sizable correction . We'll see if this is yet another historic measure that simply "does not matter" in a QEforever environment. Ironically this is the fourth year in a row it has hit that level in April.
http://www.marketmontage.com/2013/03/20/what-happens-when-the-bears-in-the-investor-intelligence-survey-break-below-20/
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