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Surprising K-shaped cyclical sentiment


A number of key cyclical sentiment/valuation indicators from the Fed suggest high risk with people fully invested at high valuations. Nevertheless, other indicators of social mood show rather dramatic pessimism, which could give the bull market a longer time to justify our overweight position since late 2022. My guess is that the difference is between rich folks, who own stocks accounting for the excess optimism, and less wealthy folks, who have greater skepticism.

Ned Davis Research | NDR Hotline | Insights | 3X Weekly

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