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Daily Report : Investors ignore Berkshire, buy everything else

Jason Goepfert
2025-08-18
Buyers came back in force last week, with back-to-back sessions of more than 75% of issues on the NYSE advancing. It's highly unusual to see that kind of buying interest with the S&P 500 trading at a multi-year high, and it was an excellent sign. Investors did *not* find much value in Berkshire Hathaway, with a 90-day relative plunge matching some of the worst in 45 years.
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Headlines

Sentimentrader Intraday minutes:

- High-yield bonds confirm market's risk appetite

- Risk Appetite Index signal still on track

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Investors ignore Berkshire, buy everything else: Buyers came back in force last week, with back-to-back sessions of more than 75% of issues on the NYSE advancing. It's highly unusual to see that kind of buying interest with the S&P 500 trading at a multi-year high, and it was an excellent sign. Investors did *not* find much value in Berkshire Hathaway, with a 90-day relative plunge matching some of the worst in 45 years.

Smart / Dumb Money Confidence

Smart Money Confidence: 40% Dumb Money Confidence: 65%

Risk Levels

Stocks Short-Term

Stocks Medium-Term

Bonds

Crude Oil

Gold

Agriculture

Research

Investors ignore Berkshire, buy everything else

By Jason Goepfert

BOTTOM LINE
Buyers came back in force last week, with back-to-back sessions of more than 75% of issues on the NYSE advancing. It's highly unusual to see that kind of buying interest with the S&P 500 trading at a multi-year high, and it was an excellent sign. Investors did *not* find much value in Berkshire Hathaway, with a 90-day relative plunge matching some of the worst in 45 years.

FORECAST / TIMEFRAME
SPY -- Up, Long-Term

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Indicators at Extremes

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% Showing Pessimism: 11%
Bullish for Stocks
Inverse ETF Volume
S&P 500 Down Pressure
AAII Bull Ratio
Mutual Fund Flow (no ETFs)
CSFB Fear Barometer
% Showing Optimism: 42%
Bearish for Stocks
Smart Money / Dumb Money Confidence Spread
Intermediate Term Optimism Index (Optix)
Short-term Optimism Index (Optix)
Dumb Money Confidence
% Showing Excess Optimism
NYSE High/Low Ratio
NYSE Arms Index
Rydex Ratio
Rydex Money Market %
Equity Put/Call Ratio
OEX Open Interest Ratio
ISE Call/Put Ratio
OEX Put/Call Ratio
VIX Term Structure
Options Speculation Index
LOBO Put/Call Ratio
SKEW Index
NAAIM Exposure Index
AIM (Advisor and Investor Model)
Retail Money Market Ratio
AAII Allocation - Stocks
Equity / Money Market Asset Ratio
NYSE Available Cash
Mutual Fund Cash Level

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