From SentimenTrader
Like the Barron's survey, managers simply don't see the point in being bearish. For the first time in the survey's 5-year history, there have now been four straight weeks where the most bearish investment manager was flat.
Nobody dares to go net short.
At the other end of the spectrum, the most bullish managers have been 200% invested, leveraged 2-to-1 on the long side, for the past three weeks.
That means that the most bullish managers minus the absolute value of the most bearish ones has averaged 190% net long over the past month. Again, the survey's history is short, but we've never seen such a wide differential before. The previous high was 162% almost exactly one year ago, just before the last big correction.
SS says - It is time to be on alert now for a market reversal - Next 3 months look pretty tricky.
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