Market Timing - Advisors Sentiment Bulls+53.8% Bears+20.4%
Note: Crude is rising as I forecast back on June 4th then at $66.21.
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B&B figs.out Wed.27th c/o Investors Intelligence at 914-632-9422 NY.
Web site www.investorsintelligence.com
Quote:-
The Bulls moved up fractionally to 53.8%, after falling 4.4% the prior week to 53.3%. The reading two weeks ago at 56.7% showed the highest level of optimism in 2007 as the newsletter writers were reacting to the index highs that began June trading. We now show a small reaction to the choppy trading of the recent week, which has included a loss of upside momentum but also no clear move to the downside. The Bulls are generally very nervous but most appear to be waiting for a bigger pullback before they make a negative shift.
The number of Bears increased to 20.4%. Last issue they fell to 18.9%, their lowest level since Jul.2nd 2004.That low level preceded a 5% market retreat. Very low numbers of Bearish Advisors are negative.
Those calling for a correction fell to 25.8%, after surging to 27.8% last issue.
Copy 2007 Investors Intelligence, NY, USA.
Updates:-
DJIA closed at 13,556 no new high last week, but up+48 for the week. For the month of June, we had a new high June 1st intraday 13,692, then a second record the 15th ( shorts reporting day ), intraday high 13,741. This compares with the month of May with 12 record highs. DJIA momentum is falling away, so be warned.
Charlton Capital Ltd. Mr.618 here.