MB, I know how you hate technical analysis, but I have a 30-day free membership to Marketgauge (you can't look at their guages for free any more) and the current reading looks about as low as they come, with nineteen negative indicators to ten positive (about 15 neutral, some of which would go negative with another fed rate rise).
Actually some of these are fundamental--such as mutual fund cash levels, interest rates, dividend yield, and so on.
If you take out the momentum and market price movement indicators, you may get a better signal from the combined Contrarian, Monetary, Fundamental, and Smart Money indicators; the net negative here is minus seven. The only time it has been lower (as far as I know) was April 7, with a minus nine reading.
For anyone who wants to study the site (free trial):
dataviewllc.com
What do you think of specialist/member short positions as an indicator?
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