Mark Hulbert of Hulbert Financial Digest says his index of newsletter sentiment has fallen as low as it did at the market bottom in 2009 — a bullish sign for investors. Hulbert says the average equity exposure among the newsletters is now -20%, meaning the newsletters are recommending a 20% short position in stocks. Given that the market often acts in a contrarian fashion, Hulbert says that means there’s support for a market gain in the coming weeks.
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