Citi Investment Research's two sentiment measures continued to nose dive last week according to strategist Tobias Levkovich.
Both the 'Panic/Euphoria' model and 'Cyclical Expectations' model are now approaching their 2009 lows.
According to the firm, this implies further near-term pressure for equity markets.
Citi: Our Cyclical Expectations Model (CEM) declined further this week, suggesting the equity markets may continue to face near-term pressure.
Still, for long-term investors we'd read it another way -- U.S. stocks have shown resilience in the face of falling sentiment due to China tightening, U.S. deficit, and European sovereign debt fears. The S&P 500 is down only 3.6% from its January 19th 52-week high, despite this:
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(Via Citi, The PULSE Monitor, Tobias Levkovich, 19 Feb 2010)
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See Also:
- Rosenberg: Here's Why The Correction Isn't Over
- The Bulls Rampage! Equities Rally! Oil Soars! Gold Climbing!
- Jeff Saut: The Time To Buy This Dip Is Right About... NOW
Full story at http://feedproxy.google.com/~r/businessinsider/~3/hY-N8ejlysU/citi-sentiment-wont-stop-crashing-2010-2
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