SECOND-LONGEST BEARISH STREAK: Just 28.6% of consumers surveyed by the Conference Board expect higher stock prices over the coming year, while 37.5% expect lower prices, resulting in a bull-bear spread of -8.9. That’s the widest spread since October of 2022, when it was -11.5. Further, the bull-bear spread has been negative for 17 consecutive months and only the period that ended in April of 2009 was longer, at 18 months. As a reminder, a powerful equity bull market led by banks began on March 9, 2007.
A survey’s bears way outnumber bulls. Good!
By Thomas K. Brown,
SECOND-LONGEST BEARISH STREAK: Just 28.6% of consumers surveyed by the Conference Board expect higher stock prices over the coming year, while 37.5% expect lower prices, resulting in a bull-bear spread of -8.9. That’s the widest spread since October of 2022, when it was -11.5. Further, the bull-bear spread has been negative for 17 consecutive months and only the period that ended in April of 2009 was longer, at 18 months. As a reminder, a powerful equity bull market led by banks began on March 9, 2007.