Michael and Ben discuss the skyrocketing sentiment that’s now driving stocks to new all time highs – almost every stock is working out and it’s starting to feel like it’s too easy to make money.
But here’s the thing – is sentiment driving stocks up or is the fact that stocks are rallying driving sentiment up? I think it’s the latter. If you want to know what next week’s sentiment polls will show, just tell me what the stock market does this week. And then, of course, it becomes a self-reinforcing cycle. But in my opinion, sentiment is driven by price, and not the other way ’round.
Want proof? We’ll get a down three or four percent week at some point in the first quarter. Happens almost every year. Sentiment will turn down in the FOLLOWING week’s polling, and not one moment before.
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