Maybe it's just September, which has a way of taking bad news like a cannonball in the gut, and ignoring good news. But a survey on NBC's Dateline showed that a majority of investors not only sees 15% returns in the stock market as doable, but consider them a given.
Moreover, with the AAII (American Association of Individual Investors) sentiment readings showing only 8% bears, the lowest reading in history, and with investor's intelligence surveys showing newsletter writers back to 50% bulls, is it any wonder that this week showed continued pressure in the stock market? As I said before, just about everybody that wants in the water is already in the water. Investors are just plain full of inventory and it's pulling them under. Despite many bull technicians pointing to oversold conditions going into the week, the rallies were short lived, very short lived. It's just plain heavy out there.
By Jeff Cooper |
