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We noted with a bit of amusement on Friday that actress Mila Kunis said she was getting more into investing, and planning to hold less cash.In his latest Up & Down Wall Street column, Barron’s Randal Forsyth says signs are popping up all over the place.
In addition to Kunis, Greenspan was also on TV yesterday:
Now, with the Dow at a record, the Maestro declares stocks to be “undervalued,” an assertion that might be open to reasonable debate. It does, however, reflect the increasingly ebullient sentiment becoming more pervasive not only among the financial elite, such as the former Fed chairman, but also celebrities far removed from the markets.
And individual investors are getting exuberant too:
Other signs of frothy sentiment also have been bubbling up, notably a jump in bullishness among investment advisory services polled by Investors Intelligence. Bulls increased sharply to 50.0% last week from 44.2%, while outright bears fell to 18.8% from 21.1%, their largest weekly drop in 10 months. Advisors looking for a correction also dwindled to 31.2% from 34.7%. Moreover, the spread between bulls and bears surged to 31.2% from 23.1% in just a week and put it in “the dangerous territory around 30%,” Investors Intelligence commented. A wide spread a year ago preceded a market retreat, the service noted.
Other signs that might make you kind of nervous, per the piece. Dow Transports are getting massively extended, and the number of NYSE new highs is actually dwindling, suggesting that the market gains are very concentrated.
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