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Strategies & Market Trends : Investor sentiment surveys - a technical indicator
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To: Q. who wrote (107)8/29/1997 12:10:00 AM
From: Mat Miller   of 167
 
John,

It's fascinating to see how much (relatively speaking, of course) that the SI survey is bearish, or to be more precise, so low bullish. Yet, all around are indications of over-optomism. Tom Veale, of the AIM thread, has some interesting charts showing what he calls the "Idiot Wave". And right now there's a lot of idiocy.

However, if everything can keep going right (low inflation, high earnings), then, just like the last few years (95 till now), the overvaluation can be justified. But, boy, I think it will be rough when the next bear hits. Not enough people (percentagewise) owning stocks now were around even in 1990.

Mat
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