All three of these sentiment indicators have done a better job than major Wall St. strategists, writes Noah Solomon. Read more
Put-call ratio: Beware cheap insurance
Since 1997, the PCR has been a contrarian indicator, whereby elevated levels have on average signalled higher returns, while lower PCRs have heralded subdued or negative results. As shown, the S&P 500 has generally performed better following elevated PCR levels than after the PCR has stood below its historical average.The American Association of Individual Investors Sentiment Survey regularly asks investors where they think the market is heading in the next six months. Sentiment is deemed to be overwhelmingly positive when the percentage of bullish respondents far exceeds that of bearish ones.
Although doom was not imminent when the AAII began registering abnormally strong bullish sentiment in October 2007, neither was there much upside left before markets began to crater.
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