![]() By May, bears outnumbered bulls by 29 points - despite nearly two months of swift stock gains. ![]() In mid-February, bulls outnumbered bears by 14 points. individual investors tabulated by the American Association of Individual Investors (AAII) nearly doubled from mid-February to mid-March. That February, Chinese Industrial Confidence surveys hit their lowest level since January 2009. World stocks plummeted 32.5% in just over a month. As lockdowns spread, sentiment plunged alongside markets. After the coronavirus sparked unprecedented Chinese economic lockdowns - triggering a 16% correction in the CSI 300 - panic surged globally. Enjoy that while staying vigilant for signs of real trouble.Īmerican-British investment legend Sir John Templeton said, “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” We’ve seen that evolving quickly since March’s lows. Warming sentiment - even into euphoria’s early stages - is common in later-stage bull markets and routinely fuels tremendous returns. Sound like time to sell? Don’t - not yet. Signs of outright euphoria are starting-in China and beyond. With stocks soaring off March’s lows and into 2021, investors increasingly believe little can derail the bull market. Since last winter’s panic, global investor sentiment shifted fast. ![]() Ken Fisher is the founder and executive chairman of Fisher Investments.
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