The National Association of Active Investment Managers released its weekly sentiment index. Every week the NAAIM asks is members to report their total equity exposure. This number is used as a contrary index. Generally, you want to be long stocks when investment managers are uber-bearish and bullish when investment managers are bearish. This week's number came in at 66.67%, almost unchanged from last week. The number is not yet at an extreme which would indicate a market sell-off. You can see from the chart below that market tops usually coincide with a NAAIM number around 80%.
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Black Swan Insights