Two weeks later and ‘retail’ sentiment is still weak (-29%). Same conclusion $spx
https://twitter.com/ukarlewitz/status/1253320745289003008
4 week retail sentiment (AAII) now lowest since March 2009. Meaningful in a bull market, not in a bear market 
Sentiment round-up
Bearish: AAII, Consensus, fund flows, Fear & Greed
Bullish: II, Panic/Euphoria, one-month CPCE
Neutral: NAAIM, DSI, 10-day CPCE
Bearish: AAII, Consensus, fund flows, Fear & Greed
Bullish: II, Panic/Euphoria, one-month CPCE
Neutral: NAAIM, DSI, 10-day CPCE
Fund managers surveyed by BAML:
- High cash (5.7%)
- Bond weight highest in 10 yrs
- Still high equity underweight (1.8% std dev below mean)
- Within equities: US weight highest in 5 yrs, Europe lowest in 8 yrs (flight to safety)
- High cash (5.7%)
- Bond weight highest in 10 yrs
- Still high equity underweight (1.8% std dev below mean)
- Within equities: US weight highest in 5 yrs, Europe lowest in 8 yrs (flight to safety)
One month equity only put/call (0.59) at a level where $SPX often runs into some turbulence. If it runs higher now, those gains usually (but not always) given back
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