OPINION: This quick jumping onto and off of the bullish and bearish bandwagons has become the new normal, Mark Hulbert writes. So don't get too excited about a stock market rally — it won't last for long.
Stock-market timers have responded to recent strength in equities by quickly becoming more bullish. By so doing, they are making it less likely that the rally can continue for much longer.
Their quick shift from bearish to bullish is in line with , when I last analyzed sentiment among stock-market timers. As I wrote then, the market timers “are quick to jump on the bullish bandwagon when the market rallies, and then jump on the bearish bandwagon when the market declines. As a result, both rallies and declines tend to be short-lived.”
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