From '87 thru '08, the 8-wk mov avg of bullishness has been lower than today's reading (25%) several times:
In fact, every year from '88 thru '93 had a "low" 8-wk mov avg of bullishness < 23%.
So, no record lack-of-bulls here.
In response to Da Cheif's request for today's P/Cs, I would note that raw P/C, 5 and 10 day P/C mov avg's, and several other P/C thingies I measure all read lower (ie, fewer puts than calls) than they did mid-Feb, early & late Jan, late Nov, although we're finally rising here...
IMO, it appears EVERYBODY is gaming lows, sentiment, oversoldness, etc and refusing to believe we go much lower.
Man, who ISN'T looking for a bounce, let alone "the bottom"? |
