Bad news bears

Markets have a strong tendency to peak on good news and bottom on bad news. Any cursory stroll through newspaper archives can prove that. Bad news is overwhelming now, triggering ratings downgrades and dividend cuts. In a premium note, Troy shows that articles mentioning "dividend suspension" have surged to a record, exceeding prior highs from February 2009 and June 2010, both times when bad news was already being priced in by investors.