Investment Managers Turn Bullish--NAAIM Survey

We were supposed to get this number last Thursday, but the NAAIM was a little late releasing the data. Anyway, last week investment manager equity exposure increased to 69.47%, up from 57.66% previously. Generally, a number north of 75% is associated with a market top. What is interesting is that investment managers are not as bullish as the were back in April despite the market making new highs. Back then equity exposure was hovering around 85%, indicating extreme bullishness. There seems to be some hesitation among investment managers, which could be a contrary signal that the market could rally further.  

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