“The biggest bullish consensus is on US large cap stocks with 84% bulls, the biggest bearish consensus (certain to be wrong for the umpteenth year in a row) is on US treasury bonds with 91% bears (!).
Gold aficionados will be pleased to learn that there is a 76% bearish consensus on gold, which provides a nice contrast to the 69% bullish consensus that pertained in October of 2012, just as gold was getting ready to tank big.”
An excellent post this morning from Josh Brown: “Ten Insane Things We Believe on Wall Street”
1. Falling gas and home heating prices are a bad thing.
Dan’s latest letter to investors, an excellent read: http://www.zerohedge.com/news/2014-10-22/recent-liquidation-avalanche-explained-dan-loeb-and-why-he-back-shorting-stocks-agai
Hat tip zerohedge.com
“Here’s the bottom line: Someone tried to rescue the market last Wednesday. And it’s becoming a regular occurrence.
The details of last Wednesday morning are these: At the same time the Dow was off 350 points, the S&P index was down 43.80 points, That was an enormous decline in just 11 minutes of trading and it was an indication that Wall Street was not having a good day.
Then, someone (or something) started buying S&P futures contracts en masse. Twenty-one minutes later, the S&P index had regained 30 of those lost points and was back at 1,861.”
More here from the New York Post: http://nypost.com/2014/10/20/plunge-protection-behind-markets-sudden-recovery/