18 March 2009
Barbera on the bounce ~ Wonderland: Touring the Upside-Down Room
Over the last few days, as stock prices have continued to rebound we have seen a significant number of longer-term ‘super bears’ reverse their gears and become bulls. The likes of Marc Faber, Robert Prechter, Doug Cass come to mind, as a few who have swung from the bearish to bullish camp. Looking back, we note that as recently as March 6th, at the S&P low of 667, at least a few sentiment data points moved to important extremes, the most prominent of which was the much discussed AAII Sentiment Survey, which recorded a record number of bears at 70.30% the week ended March 6th.