This has been called the least believed bull market in years, but the percentage of bears is actually quite low, and statistically a sign that we could be near a market top. Despite this lack of cautious sentiment, Barclays analysts Ian Scott, Dennis Jose, and Joao Toniato think that other measures show that a correction is still a long way off, describing their position as 'Bullish with a But'.
“On the fundamentals, valuations do not strike us as too expensive, with both the price/book and the cyclically-adjusted PE ratio near the lows of the previous cycle,” they write. “If a sentiment-driven correction were to materialize, we would view it as a buying opportunity.”
The one sentiment indicator that gives them...
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