What follows is an excerpt from this weekend's 277th Edition of Zenolytics Turning Points.
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MARKET UPDATE
Bearish sentiment remains the single most prominent feature of today's market.
You can divide market participants into two classes:
1. Those who think we are going right back down to new lows
2. Those who think we will stop at around 4050 in the S&P and move to new lows
This presents a problem for bearish investors as in order to have their wishes fulfilled, there would need to be an amplification of bearish factors leading to further selling pressure from an investor population that has largely offloaded risk to date.
How fervently have investors offloaded risk over the past many months?
As it turns out, according to the advance decline of the Nasdaq, they have been selling tech shares at a rate we have not seen during this current bull market. This is real one sided pessimism we are seeing that is historic in scope.
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