Climbing The Wall Of Worry

Every week the folks over at Bespokeinvest.com poll their subscribers on whether the S&P 500 will be higher or lower than its current level one month from now.  While it is too soon to know how the most recent weeks will turn out.  We can see from their sample of this year that the bearish crowd in red has prevailed for most of the year.  What isn't shown is that the three weeks shown where the bulls won out, the market was actually lower, or on pace to be lower a month later!  Also the three weeks in February where investors skewed more heavily bearish, stocks were actually higher one month later!

Bull market has a better chance of moving higher as long as this sort of skepticism prevails.

Link:  Bespoke: Majority Still Bearish.

Long ETFs related to the S&P 500 in client and personal accounts. 

Also go check out Bespoke  sometime.  These fellows do excellent work!