The LeBron James Market

• Posted by Robert Sinn
• on July 19th, 2012

Over the weekend I mentioned that sentiment appeared to be almost perfectly balanced between bulls and bears despite positive technical signs and Friday’s large rally. Since then the market has rallied a bit higher while sentiment doesn’t appear to have improved much at all. In fact, the results of this morning’s AAII Sentiment Survey are shocking in that bullish sentiment dropped by 8% while bearish sentiment increased by 7.1%:

 

As of this morning I am dubbing the current stock market, the “LeBron James market” – everyone loves to hate it and wants to see it fail but the results speak for themselves as the market continues to climb higher amid the ever present macro wall of worry. Perhaps the August European recess will bring about some new problems for markets to deal with but for now it seems that equity bulls couldn’t ask for much better conditions.

 

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