The investing newsletter pundits have become extremely bearish, as visualized by the chart from Bespoke Investment Group below.
Given the recent market weakness, it’s not surprising that bearish sentiment among newsletter writers is near a 52-week high. According to the weekly survey from Investors Intelligence, bearish sentiment rose to 33.3% in the latest week which is the highest level since July 2009. Although bearish sentiment is on the increase, a plurality of advisors still consider themselves bullish (41.1%).
So the group is very bearish relative to their general bias towards bullishness. Note how even during the worst of the crisis, it seems only 55% were bearish. That’s the peak for this newsletter indicator, from the depths of a crisis, and we’re just over halfway there.
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