The Trader's Narrative weekly report of sentiment surveys indicate that short-term trader sentiment at a bearish, but not panic, extreme. Institutional investors remain relatively sanguine on the market outlook.
When I consider last Friday's market reaction to the much anticipated the GDP report and the Bernanke speech, along with the sentiment picture, Friday may have marked a short-term low for as the bears have found themselves in a crowded trade as the market began to reverse.
Having sold the rumor (of an ugly GDP report), is it time to tactically buy the news?
Looking for Your Trading Edge
34 minutes ago