Stock buyers are still too bullish for the bear market to end

A new bear-market low is likely still in the cards for U.S. stocks, for two contrarian-related reasons:

Second, whenever even moderate pessimism has emerged, it has been short-lived; investors instead have been eager to jump on the bullish bandwagon at the mere whiff of a possible rally. Eagerness up and down Wall Street To illustrate the eagerness with which market timers turn bullish in the wake of a rally, look at the chart below. It plots the Hulbert Nasdaq Newsletter Sentiment Index , which reflects the average recommended equity exposure level among a subset of short-term market timers who focus on the Nasdaq market in particular.

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