Where Have The Bears Gone?

According to BeSpoke Investment Group, "After climbing to its highest levels since April 2009 back in September, bearish sentiment has been in a steady decline since the market's Fall rally began. At a current level of 22%, the Investors Intelligence weekly survey of bearish sentiment is now at its lowest level since the first week of May. As luck would have it, just when bearish sentiment was declining to multi-month lows, the S&P 500 had its worst day in exactly two months {on Tuesday}."

Just one more hit against bullish armor that so far cannot be dented much.  There seems to daily be strong buying pressure under stocks.  While the market is over bought it can certainly stay that way for a longer period of time than most investors expect.  Still think we'll get some sort of decline between now and election day.  However, that prospect dims the closer we get to the event!

*Long ETFS related to the S&P 500 in client accounts.

Link:  Bearish Sentiment.