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Survey: Stock Newsletter Writers' Bearishness Hits 27-Year Low

By    |   Wednesday, 03 September 2014 08:15 PM

Major stock indices' relentless rise to record highs apparently isn't scaring off stock newsletter writers. 

The bearishness of those professionals has dropped to 13.3 percent, the lowest since 1987, according to a weekly survey of more than 100 writers conducted by Investors Intelligence report and obtained by CNBC.com. Bullishness totaled 56.1 percent.

The bearishness reading may be an ominous sign, given that the stock market crashed in October 1987 and because extreme levels of consensus are considered contrary indicators.   But optimists are unbowed.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

"A great many investors and analysts are wasting their time trying to prove that stocks have formed a new bubble, which they claim must soon pop," David Jennett, author of David Jennett's Investment Letter, told Investors Intelligence.

"I think they are right about the bubble, but wrong about which market is in danger of a crash. It is much easier to make the case that the bond market is the real bubble these days."

Both the S&P 500 index and Dow Jones Industrial Average closed within 1 percent of their record highs Wednesday, with the former hitting its all-time peak earlier in the day.

It's not just newsletter writers who are optimistic about stocks. "Everything right now is pointing to greater market strength," Jonathan Golub, chief U.S. market strategist at RBC Capital Markets, told The Associated Press.

"What usually stops bull markets? It’s almost always a recession." And he sees no indications of a downturn looming.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

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The bearishness of stock newsletter writers has dropped to 13.3 percent, the lowest since 1987, according to a weekly survey of more than 100 writers conducted by Investors Intelligence.
Stock, newsletter, writers, bearishness
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2014-15-03
Wednesday, 03 September 2014 08:15 PM
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