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Few Bears

Jason Goepfert
2021-06-23

Some stink is being raised this morning because the latest Investor's Intelligence survey shows that fewer than 16% of newsletter writers can now be considered bearish. That's the fewest in over 3 years and ends the 3rd-longest streak since 1969 with at least 16% of bears.

This should be negative but should doesn't really carry much weight in markets.

If we focus on the handful of signals since the financial crisis, it led to no gains or a big drop twice. Also twice, it preceded a ramp higher than lasted for months (or years) before finally giving back much or all of those gains during the next year.

There isn't a lot to work off here but at least it's a confirmation that we shouldn't necessarily consider it an immediate negative.

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