Covestor model: Technical Swing
Market pundits have been dissecting the latest AAII reading, which has been very high for the bulls.
Contrarians such as Mark Hulbert don’t buy the rally for this reason. But if these “experts” would simply pull up a chart, they would quickly recognize, even without advanced quantitative analysis, that high bullish readings did not have any predictive value in the last two years. Click to enlarge:
S&P 500 data: Yahoo Finance