Stock Optimism Wanes for 1st Time in 10 Weeks
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Optimism about U.S. stocks fell Wednesday for the first time in 10 weeks, according to the 35-year-old sentiment indicator compiled by Investor’s Intelligence newsletter.
The poll of investment advisors, conducted late last week, showed the percentage who considered themselves bullish, or optimistic, about stocks dropped to 56.9% from 57.9% the previous week.
For investors, that might be a bullish sign: Technical analysts--who try to predict the market based on past performance rather than on company fundamentals, such as profit potential--say a high level of optimism suggests investors might have little cash left to invest and propel stocks higher.
Before last week’s fall, optimism had risen for nine straight weeks, a record for the survey by the Investors Intelligence newsletter.
Optimism hadn’t been so high since the technical indicator reached 60% on Jan. 17, 1992.
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