A diary of the thought process behind my investment decisions
Newsletter Writers Cautiously Optimistic
It has been difficult to get a clean read on sentiment lately but my sense is that market participants are now leaning bullish. The HNSNI sentiment indicator shows market timers are recommending a 35% exposure to stocks. At the July lows they were recommending a -15% exposure. So while sentiment has improved greatly it has not yet reached an extreme where one can confidently fade the crowd.