Look up in the sky. It's a bird. It's a plane. It's Superman! Nope, it's lots of drones flying over New Jersey, New York, and Maryland typically between 6 p.m. and 11 p.m. They are reportedly the size of an SUV, so they aren't likely to be owned by hobbyists.
Is it time to panic in the stock market? It's always best to panic before the crowd does. The issue isn't too many mysterious drones, but rather too many charging bulls. Consider the following:As we noted last week, sentiment is very bullish, which is a sell signal from a contrarian's perspective. Investors Intelligence Bull/Bear Ratio remained elevated at 3.8o last week . There were lots of bulls , a few in the correction camp , and fewer bears .
So, it is not clear if they think something bad is going to happen in the economy, or if they are being opportunistic and taking advantage of higher stock prices. The heaviest selling is in technology, consumer discretionary, and bank stocks. Sectors that look the best are pharma, biotech, and medical equipment. The bottom line: The stock market can have a hard time moving higher when insiders are so cautious. Their concern may set the market up for a pullback." Thanks, Michael.by 25bps.
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