From Sentimentrader, here are the latest short-term readings.
I had been nonplussed by the sounds of the beating of the war drums in the gold sector (or, if you will, the waving of the pompoms), but as of yesterday the harsh pullback had been addressing over zealous gold bug behavior. Today should be helping to clean it up even more.
Some of these items are contrarian bearish or bullish for a reason, and sentiment alone is not actionable in a vacuum but here’s the situation. The redder they are, the more contrary bearish they are.
Commodity notables are the very over bullish state of crude oil and under zealous state of silver.
Smart/Dumb money indicators show that thus far at least, dumb is smarter than smart. But that is the way of mania while it lasts.
There is ZERO pessimism in this market. But you knew that already.
Okay, as you were. Party on Garth.
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