Monthly Archive: February 2013

Extreme Risk Equities 0

Extreme risk in equities

We now have a syndrome that has rarely been followed by significant market gains, and almost always followed by a decline: Overvalued: Shiller PE above 18 (it’s 23) Overbullish: High “bullishness” and low “bearishness”...

Feb-2013-NAAIM-weekly-survey 0

Active investment managers more bullish than ever

The average active manager is now leveraged long, according to NAAIM’s weekly survey: Sustained bullishness is bearish, especially once the market starts to trend sideways. We don’t yet have that choppy sideways action on...