Monday, August 11, 2014

A reason to be bullish...

If you want to feel good about present market conditions, forget about the good economic data I've been reporting of late. Like I've said, that only validates last year's gains, and needs to get even better to justify higher highs from here. And that's while being tested by attendant (it'll happen) higher interest rates.

Now here's something to get legitimately bullish about (but don't hold me to it): This graph (click to enlarge) showing bearishness (yes, negativity toward the market) has spiked to nearly a 52 week high (HT Barry Ritholtz):

photo (8)

As Sir John Templeton presciently put:

"Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria."

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