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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.76

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Dec 12 4:00 PM EST

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To: Alex MG who wrote (78566)	6/13/2001 8:22:40 AM
From: t2	of 99985

Actually the retail sentiment is still bullish although the gap has narrowed, it's still 43/26 in fav of bulls Is that the investment newsletter writers' survey. I don't think their survey is meaningful in the internet age. I have never read one of those newsletters and I don't know many people who have.<g> If by chance you are referring to that new survey, it may be geared towards investors that don't really look at their portfolios much....more mutual fund investor geared. A mutual fund investor is likely to swing from bearish to bullish and back but make no changes in his fund holdings. Like I have stated so often, redemptions started this year..first 3 months. That was the end of it. Apart from this period, they don't get much movement. Now they are more diversified than in recent years as well. IMHO, a sentiment survey that really matters is the level of short interest on individual stocks and the QQQs. Those point to very bearish sentiment. There is the COT numbers but I don't know much about it. It is not supposed to be a contrarian indicator...but I have a feeling that it will become one. <g> ....as long as the mutual fund inflows return to normal patterns; and that could be happening now. Here is a story on the QQQs. biz.yahoo.com

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