Need to Know: This contrarian stock indicator is so bearish, it's signaling buy
The S&P 500 SPX, +0.61% is poised for its best weekly performance of the year thus far , on the heels of the worst five-day return of 2019 to date.
Despite the apparent fever for stocks lately, others see investors still reluctant to pile into this market. Wall Street stocks have rallied hard since the December meltdown—the S&P 500 is up 13% even if May stank—and global trade worries refuse to go away. Their proprietary gauge charts whether investor buying or selling of stocks has swung too far either side of a scale of zero to ten. The closer to 0— least bearish—and closer to 10—most bearish. The indicator sticks to this rule: when investor sentiment is over 8, sell equities, and when it’s under 2, buy them.
The bank’s asset flow data is of June 6, so clearly reflecting as well a big bad week for stocks and risk aversion. The economy Economists expect 185,000 new jobs were created in April, and we’ll also get the unemployment rate and average hourly earnings ahead of the open. Wholesale inventories and consumer credit are expected later.
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