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Traders,
Here is this week's sentiment numbers:
Below are the results of our weekly "Guess the Dow" sentiment survey. The
survey was taken from 3/16 through 3/22 on our web site.
Number of participants: 317
30 day outlook:
43% bullish, 64% last week
41% bearish, 23% last week
16% neutral, 13% last week
(percentages may not sum to 100 due to rounding)
Median guess for the DJIA closing value on Friday, 4/3: 8912 (it was 8750
last week). More complete sentiment data is available at
<http://www.lowrisk.com/sentiment.htm> .
Last week we had some very high bullish readings that suggested some
pullback. We did get the pullback and the market turned in its first down
week since January. This week the sentiment numbers are telling a very
different story. Bullish sentiment dropped sharply to 43%. Bearish
sentiment increased 18% to 41%, while the neutral camp increased slightly
to 16%.
While an increase in bearishness is to be expected after a down week, the
bearish number of 41% is quite high. The last time we saw such a large
bearish reading was a 41.7% reading on 1/11/98, which picked the January
bottom perfectly. There is one difference this time, though. The bullish
number of 43% is still pretty high and shows there are a lot of bulls that
don't want to throw in the towel yet.
To take part in this weeks survey stop by: http://www.lowrisk.com/guess.htm
More sentiment data is at: http://www.lowrisk.com/sentiment.htm
best regards,
Jeff
jwalker@xxxxxxxxxxx
http://www.lowrisk.com
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