I am stunned by the resilience of the bearish sentiment despite the fast rally from 1040. Here are just two examples: today's most popular articles on MarketWatch and WSJ Markets section.
- MW:
- WSJ:
Scepticism towards the economy and the rally is at the top. There is also a lot of scepticism towards the new round of QE.
If sentiment continues to stay like this the market will just bounce back up after each small correction. Usually what flushes this bearish sentiment is a bigger correction followed by marginal higher highs. I think this will be the path after the Fed meeting on Wednesday.
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