by Chris Kimble
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The Power of the Pattern shared with Sector/Commodity Sentiment Extreme members last week that Active Money Managers were pairing back risk asset exposure quite a bit of late. This decline is reflecting a decent shift in sentiment among the active managers at the time the S&P 500 was on rising support. As you can see above, more often than not over the past few years, when risk managers pair back risk assets, the market was near a time that a rally took place!
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The above chart of Apple was produced last Friday (see post here), reflecting a combo of.... potential double bottom and bullish falling wedge in Apple, with bullish sentiment currently at 39%. Apple was trading at $398 at the time of the posting, currently it is trading $19 higher since the Friday chart.
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