by Sam Ro, BI
We’ve heard this story before: analysts freak out ahead of earnings announcements, and then they slash their earnings estimates. This is exactly what happened going into the recent Q3 earnings season (see chart below).
But when companies announced their actual Q3 results, most of them beat expectations.
And now we’re heading into Q4, and it’s deja vu all over again.
Stock market guru Ed Yardeni put together this chart of [...]
The notoriously bearish market guru Bob Prechter makes one unassailable point in his latest newsletter (via Mish).
Bullishness is getting extreme:
Individual investors (AAII poll)—most bullish in six years
Newsletter advisors (I.I. poll 20-week average)—most bullish in seven years
Futures traders (trade-futures.com poll)—most bullish in four years
Mutual fund managers (% cash)—most bullish ever
Hedge fund managers (BoAML survey)—most bullish ever
Economists (news-org polls)—unanimously bullish
Top global strategists (three national year-ahead panels)—unanimously bullish
Even most ‘bears’ on the economy [...]