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But even as charts offer facts, every market rally also creates myths.
For example: The notion that "individual investors sat this rally out" is probably today's most egregious inaccuracy. Because in truth, the evidence said otherwise nearly two years ago. As early as December 2010 a weekly survey of individual investors showed 63.3% bulls. This exceeds the highest levels of 2007, when the Dow Industrials reached their all-time high.
In turn, look closely at participation through the recent price highs in 2012; the evidence grows more telling still when you see who else has turned bullish.
Surveys and polls of options traders, advisors and newsletter writers recently registered as high as 70% bulls. (Likewise surpassing the highest readings of these groups near the 2007 peak.)
In other words: Individuals and financial professionals alike are more "in" now than they were at the all-time highs.
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Zuviele Bullen also ? |
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