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Strategies & Market Trends : SPY Advance - Decline data for 2014 through 2016
SPY 691.81+0.6%Jan 6 4:00 PM EST

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To: rimshot who wrote (768)10/29/2021 11:55:05 PM
From: rimshot   of 1118
 
" Two things that concern me in sentiment-land:

First, the NAAIM Exposure Index is over 100% which I consider the euphoric level.
Second, Rydex flows are showing the most bullish positioning in history.

Conclusion: according to these gauges, investors are all-in. "

via David Keller, CMT who is chief market strategist at SC, formerly director of research for a # of years at Fidelity

pbs.twimg.com

a larger & more clear version of Dave's chart, with minor changes on my part -

stockcharts.com

$SPX weekly chart with the weekly NAAIM net long minus short Exposure index -

stockcharts.com

NAAIM Exposure Index polling is conducted by The National Association of Active Investment Managers

(www.naaim.org).

Cutoff for the poll is Wednesday, and the results are released Thursday.

Approximately 40 NAAIM member firms who are active money managers are asked
each week to provide a number which represents
their overall equity exposure at the market close on Wednesday.

Responses can vary widely as indicated below. Responses are tallied
and averaged to provide the average long (or short) position or all NAAIM managers, as a group.

Range of Possible Responses:

200% Leveraged Short
100% Fully Short
0% to 100% Cash or Hedged to Market Neutral
100% Fully Invested
200% Leveraged Long




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