'Wanting' Versus 'Expecting': Be Careful of Frustrated Bears
A recent quote from a well-known sentiment advisor who tracks sentiment readings from Market Vane and Investors Intelligence (along with a host of other indicators) demonstrates the frustration that the 'shorts' are having with this market. She recently said:
"I cannot find another point in time when the market was so overbought. The maximum overbought reading tells us the market will begin losing momentum over the next two trading weeks. Maybe I'll finally get that correction I've been wanting." (6/4/03)
The only problem with this comment is that she has been repeating this same mantra for 2 months straight and has been a 'growling' bear as the market rally has and continues to soar right past her. Obviously she doesn't use our data in her sentiment model as WhisperNumber can clearly demonstrate that there have been several times (very recently) when the market was more overbought.
There is also another disturbing word in the above quote that should frighten any investor (institutional or individual) who purchases newsletter services that claim to provide supposed 'unbiased' and 'independent' research: 'wanting'. Why would you "want" the market to correct unless you had a market position that would benefit from a correction? And how can you claim to be an independent or unbiased market researcher or reporter if you "want" a market occurrence to take place (particularly a bearish one).
Why do we care? We really don't, we just thought you should be aware of the 'noise' that is out there and available to investors. We left the individuals name and service out. We're not here to bash anybody or their services.
Scuba
Scuba
Fear blind us opportunity, greed blind us the danger
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