Regular readers of our research will know that we often cite various indicators to track investor sentiment. One group which we haven’t highlighted in a long time is analysts, and as the chart below highlights, they do not seem too bullish. Overall, buy recommendations as a percent of all recommendations is at its lowest level in over ten years. What does this mean? As we have often discussed in the past, when the herd is in agreement on the market’s direction, the opposite usually occurs.