My biggest takeaway from NAAIM is that the "pros" are just as clueless as the rest of us. A reading of below 30 marked the March 2020 low. We had a reading of 30 a few weeks ago. Like every other sentiment indicator, whenever too many people are on the starboard side of the boat, it's time to move to the port side. If you wait for that indicator to show a "bullish" reading, then you're too late.
The lowest bullish count since 1992 has to count for something, but memories of 2008 where we started getting very contrarian positive sentiment readings in October, only to be completely washed out after the bounce for the next six months.
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