Peter Boockvar on the overnight bump in professional investor sentiment as we approach the old highs:
There is nothing like the scent of record highs in the S&P 500 that has brought out the Bulls according to II. Bulls rose a sharp 10 pts to 45.4 on the week while it was those expecting a Correction that shifted the most to the Bull side as it fell to 30.9 from 40.6. Bears fell .3 pts to 23.7. The bull/bear spread thus doubled to 21.7 from 11.4 last week. Let’s call sentiment now bullish and not ‘the most hated rally’ anymore.
Expectations always rise with rising prices. Novocaine for the soul.
Managing Director, Chief Market Analyst
The Lindsey Group LLC