Bottom fishers at play

Market Monitor: Bullish

The highest readings on 65 bearish side were in January (1/22/2008), since then market has essentially gone sideways.
While attempted rallies have failed so far, same thing has also happened on downside.
In the face of steady bad news market has held up well.
Considering the kind of scenarios most bearish pundits and media is painting, you see little evidence of that in the market.
So there is clearly a divergence between the punditry, sentiment, news, and views and the market.
This is the backdrop to this market action.
What has happened in last few months is lot of sectors have bottomed out. Look at housing three months ago it was ranked in bottom 20 sector in IBD sector tables, today it is in top 10. Similarly beaten down sectors like financials are where bulk of buying is concentrated.
As of now only thing which is working is stocks at or near their 52 week low.
Stocks at or near 52 week high breaking out have found little traction. ... more

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