Investors have been bearish for too long. That’s good.

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LONG PERIOD OF BEARISHNESS: I take this as a positive. For the 15th consecutive month, the percentage of consumers expecting lower stock prices in the next year exceeded the percentage of those who expect stock prices to move higher, according to a monthly survey by the Conference Board. Since 1987, the only longer such bearish streak was during the 2008 recession. Notably, a powerful bull market for stocks, led by banks, began in March of 2009 after bearish sentiment hit 16 consecutive months.