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On Sentiment

Reposted from Bruce Krasting’s blog with his permission.

It has been my observation over (sadly) a long period of time that when all of the “stars” line up and point in one direction, it’s often time to go in another direction. The commentary on the TV shows and newspapers is usually the last place one would go to for investment advice. The media is, however, a good place to consider if one was looking for signs that sentiment has gotten away from reality. I wonder if the market enthusiasm in this ABC News clip isn’t a signal that we have reached a tipping point.

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All of these “stars” are now on the same page. Is it possible that they could all be right? If so, that would be a first.

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