Interesting Data Points

From Investors Business Daily:

On Wednesday, the Investors Intelligence survey showed that 52.1% of pundits are bullish and 19.8% are bearish, leading to a differential of 32.3 percentage points.

Is that excessive?

It may seem that way, but corrections have begun when the spread was smaller. In September 2012, when the Nasdaq corrected 12%, bulls topped bears by 26.5 percentage points.

Another key sentiment gauge is the put-call volume ratio. On April 17, a day before the Nasdaq finished its latest mini-correction of 4% from its high, the ratio was at an unusually high 1.21 before sliding to 0.59 Wednesday. In March 2000, when the Nasdaq towered over the rest of the market at 5132, the ratio dived to as low as 0.36.

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