With the Dow up more than 50% since its lows in March, it is no surprise that sentiment among newsletter writers has improved dramatically. As shown below, the percentage of bullish newsletter writers has increased from a low of 22.4% in October 2008 to 47.2% today. While sentiment has improved, we would note that some investors are still uneasy. With bullish sentiment below 50%, this implies that over half of newsletter writers are anticipating a bear market or at least a 10% correction. Additionally, even as the major indices have all hit new highs off the lows, bullish sentiment is down from its peak of 51.6% in late August and at its lowest levels since the first week of August.
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