from King World News
The liquidity drain is still ahead as bulls and bears battle.
Bulls & Bears
August 4 (King World News) – Peter Boockvar: The emotion of market sentiment following price is obvious again. Yesterday Investors Intelligence said bulls rose to 41.1 from 38.9, and that is the most since January. It got as low as 26.5 in June. Bears fell to 30.1 from 33.3, the least since February and it got as high as 44.1 in June. Today, AAII said Bulls rose 2.9 pts to 30.6 and that is the most since June 2nd when it hit 32. Outside of that print, we have to go back to late March to see Bulls this high. Bears fell for the 4th week to 38.9, down by 1.2 pts and that is the lowest since that same day in June. The CNN Fear/Greed index yesterday closed at 46, which is in Neutral territory. That is up from 38 one week ago and 24 one month ago. Bottom line, none of these stats are extreme, not even close with AAII still seeing more bears than bulls but there has been a notable shift from the bearish side that was extreme in mid June. Thus, this rally is going to now need more than ‘sentiment is so bearish’ as a key factor for it to continue on.