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To: Gottfried who wrote (71372)	2/1/2016 6:03:47 PM
From: Sam	1 Recommendation Recommended By Donald Wennerstrom Read Replies (1) \| Respond to of 95378

Another bear turned bull due to investment pessimism. BofAML contrarian indicator says market poised for 24% gain Jeff Cox \| @JeffCoxCNBCcom cnbc.com [video at the link] Sentiment on Wall Street has gotten so bad that it's good, at least according to one indicator with a high degree of accuracy. Investor optimism has continued to erode through the current correcting, with some gauges showing bearishness at multiyear highs. One in particular — the Bank of America Merrill Lynch Sell Side Indicator — puts sentiment "close to where it was at the market lows of March 2009," the firm's strategists said in a report Monday. That date will be familiar to many investors as it marked the Great Recession low and preceded a 200 percent bull market surge. Read More This rare, fearful Fed trade may set tone for year The gauge is a fairly basic measure of how the biggest portfolio managers are positioned. Over the course of the past 15 years, the traditional stock weighting is around 60 percent; currently, that level stands at 52.1 percent, a 0.7 percentage point slide from December and below the 52.9 percent threshold that would trigger a "buy" signal. Using a little math, the indicator points to a 17 percent price return for the next 12 months, which gets the S&P 500 to the 2,270 range, based on Friday's closing level. There's even a possibility for a little upside from that projection. At this level, the "buy" indicator has preceded positive returns 95 percent of the time, with a median 12-month return of 24 percent. That would put the S&P 500 at 2,405. To be sure, the road to such sizable gains would be a rough one, and not what BofAML considers to the most likely path. The firm has a 2,200 price target on the index for the end of 2016, or a 13 percent gain from here. Read More Cramer: Keep an eye on oil prices Moreover, the market faces a slew of headwinds. The accommodative Fed policy that paved the way for such substantial growth is no longer in place, corporate profits have stagnated and economic growth has stalled — factors that already have led some on Wall Street to trim their market forecasts. JPMorgan Chase also had a 2,200 price target but recently cut it to 2,000. Before the year even began, RBC lowered its target from 2,300 to a still bullish 2,225. The BofAML strategy team, led by Savita Subramanian, said it considers the SSI "an input into our target, along with fundamental and technical signals" that "has been a reliable contrary indicator." "Given the contrarian nature of this indicator, we remain encouraged by Wall Street's ongoing lack of optimism and the fact that strategists are still recommending that investors significantly underweight equities," the firm said in a note.

To: Gottfried who wrote (71372)

2/1/2016 6:28:00 PM

From: Return to Sender

2 Recommendations

Recommended By
Donald Wennerstrom
Sr K

Read Replies (2) | Respond to of 95378

BULL! I call bull. I reported Fridays data and it was not, I repeat NOT, a 9-1 upside day. This is the data that I found at Yahoo:

Advancers & Decliners
NYSE AMEX NASDAQ BB

Advancing Issues	2,763 (88%)	236 (63%)	2,097 (77%)	97 (43%)
Declining Issues	342 (11%)	123 (33%)	543 (20%)	90 (40%)
Unchanged Issues	36 (1%)	17 (5%)	72 (3%)	37 (17%)
Total Issues	3,141	376	2,712	224
New Highs	57	4	30	7
New Lows	43	9	99	38
Up Volume	693,610,618 (60%)	62,864,868 (77%)	2,191,507,927 (88%)	111,818,657 (25%)
Down Volume	451,493,366 (39%)	17,987,715 (22%)	294,416,084 (12%)	107,264,404 (24%)
Unchanged Volume	13,329,810 (1%)	1,185,468 (1%)	10,601,843 (0%)	234,533,020 (52%)
Total Volume	1,158,433,7941	82,038,0511	2,496,525,8541	453,616,0811

To: Gottfried who wrote (71372)	2/1/2016 6:50:38 PM
From: Return to Sender	4 Recommendations Recommended By bull_dozer Donald Wennerstrom FJB Woody_Nickels Read Replies (1) \| Respond to of 95378

That was absolutely irresponsible reporting by the author of that article Gottfried. What we are looking for people is a 9-1 upside day but... Not just on the NYSE but also the Nasdaq. In addition we are looking for not just 9-1 upside volume but 9-1 upside in the number of issues traded. These kinds of days do not happen often. They are extremely rare. I would be happy to see a couple of 8-1 upside days in close succession but that has yet to happen either. Why? It's simple... We are still closer to the recent market top than we are a market bottom. While we have reached bad enough sentiment for a long term market bottom we simply have not bottomed. That's my opinion. It may be wrong but at least I am not just trying to justify my belief based on a single incorrect piece of data. Again JMHO, and I would love to see someone link us to actual 9-1, or even two recent 8-1 upside days that would change my mind. Go for it! Anyone got a link to that data? RtS