From extreme euphoria to extreme pessimism, it only takes one or two days. This is kind of emotional gyration you will see if you follow newsletter writers.
The graph below from Bianco Research shows a stunning change in sentiment among stock market newsletter writers. The top graph shows that on July 23rd, newsletter writers were extremely bullish. In fact, such a high level of bullish optimism has only been recorded twice since 1990. The Investor’s Intelligence survey of newsletter writers fell to its long-term average in only two weeks. Accordingly, such a decline in such a short period is one for the books.
The second graph charts two-week changes in newsletter writers’ bullishness. The recent decline was the sharpest since the crash of 1987. That is stunning, considering that on Black Monday in 1987, the S&P 500 had its largest one-day decline in history, falling over 20%. The recent decline was 8%, but over two weeks. Jim Bianco summarizes newsletter writers’ sentiment over the last couple of weeks as follows:
Did the world end in the last 14 days and I did not get the memo? This metric suggests that investment professionals who get paid to write newsletters freaked about the stock market over the last 14 days to a degree not seen in the last 37 years.
L. Roberts
Excerpt
民主不是群殴，不是绑架，不是用集团，集体，家族，黑社会捆绑在一起群殴，看看谁是群殴力量大。这不是民主的行为方式，集体群殴方式的民主，是原始部落野蛮行为。民主党现在本质上就是一个“群殴党”，不仅仅是几个主要家族，捆绑在一起群殴，而且“绑架”工会，黑人群体，绑架少数族群，大家捆绑在一起群殴！区别只是群殴，从拳头变成为“选票”！民主党不仅仅捆绑，绑架美国国内的几大家族，肯尼迪家族，佩洛西家族，拜登家族，纽森家族，克林顿家族，利益集团的工会，黑人群体等等，而且还绑架到海外去捆绑非法移民来一起参与群殴！名义上是选票，事实上是群殴！群殴是从根本原则上违背了公民社会公民个体独立意识支配下的自由愿意的选举权表达！民主党彻彻底底的堕落成为一个“群殴党”。家族寡头政治党，捆绑绑架党，非智人社会党，等等标签最贴切，这些行为的本质是“法西斯”唯独不是“民主”，与公民社会独立意志投票的法治保障下的民主，南辕北辙，大相径庭。
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