Bulls Show Some Life
by
, 07-29-2012 at 09:27 AM (2198 Views)
Last week's trading sure didn't start out so well for the bulls, but the last two days of the week saw a healthy rally that helped the S&P 500 close at its highest level since early May. That rally appears to have stirred some bulls as this week's charts are showing a healthy increase in equity positions.
This week, the Top 50 hiked their total stock exposure from a meager 19.5% to a more robust 48.3%. That's an increase of 28.8%. Not surprisingly, bond and cash levels fell.
A similar buying spree is seen in the Total Tracker as the herd increased their stock exposure from 39.62% to 50.34%, an overall increase of 10.73%.
Our sentiment survey remained on a buy for the 15th straight week. I'm of the opinion we've got more upside yet, but I'd not be surprised if we get some selling pressure early in the week to shake the weak hands.