In another rare expression
of bullishness from Shiller, he told CNBC this week that stocks «could go up 50 % from here.»
Not exact matches
Much
of the
bullishness driving that multiple expansion derives
from enthusiasm about the tech sector.
On the daily chart we see the price has surpassed and is about to close above the Monthly Pivot Range high, this is a significant event in that it demonstrates the bias has shifted
from the many weeks
of bearishness, to one
of bullishness.
In short, aside
from some potential for a «clearing rally» to correct the short - term oversold condition
of the market, even the low advisory
bullishness figures provide little evidence for a «contrary opinion» call on the market.
It is superstitious and wishful thinking to assume that the market will perform strongly simply because
of two Discount Rate cuts, despite elevated valuations, high levels
of bullishness, absence
of a recession, and an S&P 500 index that is only about 2 %
from its all - time high.
In short, aside
from some potential for a «clearing rally» to correct the short - term oversold condition
of the market, even the low advisory
bullishness figures provide little evidence for a «contrary opinion» call on the market.
A lot
of this
bullishness derives
from Stellar's announcement in October that it was partnering on a blockchain project with IBM (NYSE: IBM) and KlickEx in the South Pacific.
«The only pullback we've seen on the rise above $ 1,000 is
from $ 1,070 to $ 1,040, which is a healthy sign
of bullishness,» he said.