The National Association of Active Investment Managers released its weekly survey today. Every week the NAAIM asks its members to describe their total equity exposure. This week the average equity exposure of investment managers increased to 71.46%, up from 69.47% last week. While the number is high it is not at an extreme which would suggest a top in the market. You can see from the chart below that tops usually coincide with a number around 80%. So far we are not there yet, but we have certainly seen a large rebound in manager sentiment from the lows back in late June.
Click chart for larger image
Black Swan Insights