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Strategies & Market Trends : Investor sentiment surveys - a technical indicator -- Ignore unavailable to you. Want to Upgrade?

To: dospesos who wrote (141)	1/13/1999 3:02:00 PM
From: Q.	Respond to of 167

Tom, the sentiment surveys published in Barrons were at a high level of bullishness coming into this week, high enough to be a risk factor, but not high enough to be a certain indicator of a coming correction. Averaging the 4 surveys together (which is something I might be the only person who does) they had a bullish reading of 56%, which is comparable to late Feb. 98, and lower than the 61% levels in early April, at the peak of the small cap cycle. We might be entering into a correction, but if we do, it will be one that was not conclusively indicated by sentiment polls. Equity put/call ratios on CBOE were running about 1:3 coming into Monday, which I think is a high level, but I have no recorded historical data to compare to.