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Rumor of China Trade Progress Boosts Stocks
Yet another sign of a market bottom: (charts below not on website)
The decline has created a wide spread between Smart and Dumb Money sentiment. The former is above 70%, the latter below 20%. When it has been this far between the two, stocks rallied every time during the next 1-3 months. (from SentimentTrader.com)
The 10-day average of our proxy for the CNN Fear & Greed model is down to 11%, the lowest since 2014. The Backtest Engine shows that a reading this low or lower led to a rebound in the New York Composite over the next three months 90% of the time.
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