More Good Stuff from Rosie

First, on how the market has been lingering at the current level for wayyy too long:

Since the S&P 500 hit its interim peak back on April 23rd, after a whippy bear market rally that looked just like the bungee jump we had in the opening months of 1930, the index has managed to pop up to around the levels we just saw two days ago (1,142) no fewer than four other times … May 12th, June 18th, August 9th and September 20th. And this time around, there were a whole range of non-confirmation signals and unfortunately for the bulls, it did not take much to get sentiment back to wildly optimistic levels which is a classic “contrary negative”. There has been far too much emphasis placed on what appears to be positive headline data that have contained poor details beneath the surface – avoiding a double-dip recession is not good enough to be overweight risk assets.

 Second, on the Investors "Intelligence" survey:

The most recent Investors Intelligence Survey shows the bulls in charge with 41.4% sentiment from 36.7% a week ago – well off the 29.4% low three weeks ago. The bear share dropped to 29.3% from 31.1% and the 37.7% nearby peak three weeks ago. It’s amazing how quickly the consensus view shifts in such a short time frame.

I'll be talking more about the amazing jump in sentiment...