‘Fear of missing out’ on market gains continues among the usual suspects, with a notable exception
On October 14 we noted the environment whereby the FOMOs could utter a collective “ruh roh!”, realize they got played out of the market during the September sentiment squall and then start to chase.
Well, newsletter writers had not budged as of the 19th (last Tuesday). Investors Intelligence from yardeni.com:
So letter writing boyz and girlz are facing increasing pressure to FOMO but as yet stick to their guns.
But two other suspects have budged big time. Investment managers (NAAIM) gobbled up the stock price recovery as of the 20th.
Ma & Pa (AAII) did too, as of the 21st. As a side note, I think it is a little comical how AAII bills its survey as something of a badge of honor among its members (it’s included in Barrons & Bloomberg, don’t you know) but is actually a contrary indicator. Not the worst of them, but a contrary indicator nonetheless.
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