This was on CNBC but I wanted to highlight it as US equities stage a bit of a comeback (S&P 500 decline down to 13 points).
Each week the American Assocition of Individual Investors surveys members on how they're feeling about the market. They've only hit 60% bearish four times previously: Twice in 1990, once in 2008 and once in 2009.
This week is the fifth time:
Sentiment is extremely negative on this and similar measures of institutional sentiment. We're also in the worst seasonal week of the year.
The way I see it, we're either going to see a Black Friday like implosion in markets or we're close to the bottom. I don't think it's the time to buy yet but if bonds stabilize in the next few days, we could have a rally.
