More Anecdotal Evidence Of Giddy Sentiment

The Merrill Lynch fund manager survey is out and is showing that fund managers have the highest level of confidence since 2006 and lowest levels of cash since 2004. This is astounding given the state of the economy and that they have to pay 60% more for stocks than they did a few short months ago. Is that logical or is that classical herding behavior?

2 comments:

MarketCynic said...

JP Morgan beats estimates by 30 cents, beats on revenues, INTC crushes earnings and revenue expectations, what more do the bulls want? They got everything they wanted, just like the bears got what they wanted on the non farm payrolls report showing 9.8% unemployment.

The bears are scared here, and the bulls are fearless. A bad time to be long.

Anonymous said...

Where would you consider shorting the RTH? Did you notice that Macy's CEO just exercise and sold $6 million worth of stock? He can't be that excited about the Xmas shopping season! I'd say we're getting close...