By most measures excessive optimism did not fully unwind in September and it has been quick to return in October.
This week’s Investors Intelligence survey (poll) shows investors identifying as “bulls” climbing to near 60% and “bears” dropping to near 20%.
Bulls seem a little eager here with so much uncertainty on the horizon (stimulus bill, election, economic data, etc.).
My Take: Risks are elevated from a sentiment perspective.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.