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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (135521)	8/11/2006 9:09:41 PM
From: Henry J Costanzo	Read Replies (1) \| Respond to of 209892

David..FYI...Some sentiment stuff I just ran across in MarketWatch...Hulbert.. <<..... the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest. As of Thursday night, the HSNSI stood at 15.6%, more or less right in the middle of its historical range from minus 81.8% on the low side and 79.7% on the high end. I consider the HSNSI's current reading, on the whole, to be positive for the stock market's near-term prospects................... ........The HSNSI had dropped to a relatively low level by the bottom of the market's May-June correction - minus 12.6% - and this was low enough from a contrarian point of view to support at least a modest market rally. But in the wake of the market's subsequent rally, the HSNSI rose too far too fast, rising to 32.4% by the first week of July. That represented a three-week jump in average exposure level of 45 percentage points, and meant from a contrarian point of view that the rally was on shaky ground. Over the last couple of weeks, however, the HSNSI has pulled back in the face of a rising market, which is a positive development since usually sentiment rises and falls with the market itself. The net result is that much of the frothy enthusiasm that was a contrarian source of worry in early July has been worked off.>>