The weekly Investors Intelligence Survey of newsletter writers saw bullish sentiment fall -6.7% to 36.30. Historically, 35% or lower has coincided with market bottoms. Bearish sentiment also moved higher, to 37.4%, an increase of 4.8%. Historically, 50% or higher has been the percentage area where markets have bottomed. Over the past decade however, bearish in the 45% range has marked turning points.
It is not common for there to be more newsletters bearish on the market than bullish so this is a good development from a contrarian point of view.
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