If you’ve been feeling bearish lately, you’re not alone: bullish sentiment is falling both hard and fast.
According to Bespoke Investment Group, newsletter writers haven’t been this bearish in ages.
Bespoke: Although the S&P 500 is down less than 7.5% from its January high, bulls are heading for the hills. According to Investors Intelligence, bullish sentiment among newsletter writers is currently at 34.1%, which is the lowest level since March 2009. At the same time, bearish sentiment (26.1%) is the highest since November, while the percentage of newsletter writers in the correction camp has sky-rocketed all the way to 39.8%, which is a level that hasn’t been seen since 1983.
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