Bottom line

Jason Goepfert
2020-09-30
  • Weight of the evidence has turned mostly neutral, with offsetting extremes in some measures along with a neutral market environment
  • Dumb Money Confidence has come down to neutral territory though unrivaled options speculation is still a big worry
  • Active Studies show a heavy positive skew over the longer-term mostly thanks to the March - May breadth thrusts, recoveries, and trend changes
  • Signs of extremely skewed preference for tech stocks neared exhaustion by late June, especially relative to industrials and financials (here and here)
  • Other markets seem driven in large part toward sentiment in the dollar, which is nearing the point that other medium-term rallies have stalled