Per yesterday morning's essay, there may be emerging developments that could have the most ardent bear reexamining his/her dire thesis right here.
As we've expressed a zillion times over the years, fear is a good thing for stock prices when it reads to the extreme... In a recent post I shared the net pessimistic (contrarianly bullish) read of our own "fear/greed" index. The latest from the Merrill Lynch Fund Managers Survey (courtesy of Bespoke Investment Group) confirms that read:
"According to the report, exposure levels to risk assets were taken down to their lowest levels since the Financial Crisis while cash levels are higher now than at any other time since 2001!"
Not that we've suddenly become raging bulls right here, but, as always, our aim is to remain utterly objective, and, therefore, open to all possibilities...