Bear Camp Crowded

I wanted to summarize some indicators that are now at 2009 levels. I would point out that this means they are below levels seen last Summer:

  • The ISI hedge fund survey showed another decline in net long exposure to levels last seen in April 2009.

  • The number of bears in the Investors intelligence survey is at 2009 levels

  • Short interest on the NYSE is at 2009 levels.

I hate to sound like a broken record but I believe the bear camp is very crowded. The situation in Europe is very serious but if a non lethal solution is found, many will be in a position to have to chase a rally.

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