I was amazed this weekend that every commentator I follow – those I respect and those I don’t – was bearish. Every single one. Which is not to say that the market doesn’t need to consolidate its gains and potentially correct from here. However, I was surprised to see so much bearishness toward a market that just hit multi-year highs. The bull bear surveys are definitely tipping towards the bull side but you wouldn’t have known it from the analysts I follow.
My NYSE indicators have rolled over and indicate that we are in correction mode. However, the leading indexes which I use to guage the health of the market are still in well-defined uptrends. It would take those up channels to break before I would become more bearish.
