Wednesday, March 03, 2004

Inv Intelligence survey out with a slight dip in bullishness, to a 76% bull ratio (bulls / (bulls + bears)).  Appartently the newsletter writers are hanging tough.  The AAII and lowrisk.com surveys, while historically much more "noisy" than the other surveys, showed quite a hard dip in bullish opinion for the latest week (all charts are available on the site).  The two latter surveys are showing the least bullish opinion since around September, but this is really only the first week we've seen such a chink in that armor.  The moving averages of those surveys are just now coming down out of the statosphere.  If the market can hold while some of this optimism fades, that would certainly be a welcome development from the long side. 9:25:19 AM