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Strategies & Market Trends : Classic TA Workplace
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From: Henry J Costanzo3/5/2008 12:15:59 AM
   of 209892
 
Sentiment...At the risk of again being fingered for loading the thread with bullish bias..LOL...Hulbert on MarketWatch today..

<< .......... The editor of the average short-term market timing newsletter over the past two sessions has become significantly more bearish. And that's bullish from a contrarian point of view.In fact, a contrarian case can now be made that the Jan. 22 lows will not be broken.

.......Consider what happened to the Hulbert Stock Newsletter Sentiment Index (HSNSI) over just the first two trading sessions of this week. The HSNSI reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest.
As recently as Friday, the HSNSI stood at 7.7%. As of the close of trading on Tuesday of this week, in contrast, this sentiment benchmark stood at minus 16.4%. This negative reading means that the editor of the average short-term market timing newsletter is now recommending that his clients allocate 16.4% of their equity portfolios to going short the market.

So in just two trading days' time, the average recommended exposure level dropped by more than 24 percentage points. The magnitude of such a drop, in such a short period of time, is in and of itself an encouraging sign, from a contrarian point of view.

...... At its current level, the HSNSI is now lower than where it stood at the Jan. 22 lows. In fact, it is now the lowest it has been in two and one-half years; October 2005 is the last time it was any lower.

The bottom line? We now have met the contrarian preconditions for a successful retest of those lows from six weeks ago.>>
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