Consider the latest readings of the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended equity exposure among a subset of these timers. As of Thursday's close, the HSNSI stood at just 7.7%. In other words, the average short-term market timing newsletter is now almost completely out of the stock market.
The bottom line? Anything can happen. But, from the perspective of a contrarian analysis of sentiment among investment newsletters, odds continue to favor the bulls.
~ Mark Hulbert, "Air sickness. Commentary: Market's volatility making timers skittish; that's bullish," MarketWatch.com, October 26, 2007