Be in the know. 7 key reads for Friday…

  1. Our Article/Chart Got Picked Up By MarketWatch Today: A correction is coming, but don’t ‘head for the hills yet’, says BNY Mellon (MarketWatch)
  2. JP Morgan shares surge after bank posts record profit and revenue (CNBC)
  3. Chevron to buy Anadarko Petroleum in a $33 billion cash and stock deal (CNBC)
  4. Chinese exports rebound strongly in March (MarketWatch)
  5. Cord-Cutters’ Savings Shrink as Online TV Services Raise Prices (Wall Street Journal)
  6. Don’t Write Off Germany’s Big Bank Merger Just Yet (Bloomberg)
  7. U.S. Natural-Gas Market Is Taking Cues From China  (Wall Street Journal)

Warning signs from AAII Sentiment Survey results this morning (out of “No Man’s Land”)

AAII Sentiment Survey results are out this morning.  After four weeks of grinding sideways in “No Man’s Land” Bullishness is now up OVER the 40 level – which usually marks market reversals.  Bearishness has collapsed.

In the S&P500 chart above I have noted those dates in the recent past where Sentiment was at similar levels (Bullishness ~40, Bearishness <30). You can follow along with the red circles on the sentiment results below.

Just because these readings correlated with pullbacks in the recent past does not mean they will do so this time. It does however mean we should be paying attention. It is possible we can burn through these elevated readings and go higher, but the odds don’t favor it. As with all indicators, they are to be used as barometers, not crystal balls.

Be in the know. 6 key reads for Thursday…

  1. Chipotle downgraded to Hold from Buy at Jefferies (TheFly)
  2. Bull Market in “adjusted earnings” (Barron’s)
  3. CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon (Bloomberg)
  4. Ted Cruz threatens to regulate Facebook, Google and Twitter over charges of anti-conservative bias (USA Today)
  5. Oil prices pull back as IEA says demand data sending ‘mixed signals’ (MarketWatch)
  6. U.S. weekly jobless claims lowest since 1969 (Reuters)