From the desk of Willie Delwiche.

Key Takeaway: Investors continue to favor stocks as money relentlessly pours into equity ETFs. It’s no wonder, given that the main stock indexes are printing new record highs. Yet, a...

From the desk of Willie Delwiche.

Key Takeaway: It appears the bulls are preparing to pack it up and call it a day. Dark clouds are starting to roll in, as the slow deterioration beneath the surface has taken its toll....

From the desk of Willie Delwiche.

Key takeaway:  There are signs of bears beginning to stir. Pessimism on the II and AAII surveys has reached its highest level since Q1 and put/call ratios show investors turning to the...

From the desk of Willie Delwiche.

Key takeaway: Sentiment continues to argue a case for caution. Pessimism remains near historical lows. Nasdaq trading volume dwindles along with risk-seeking behavior. And with the...

From the desk of Willie Delwiche.

Key takeaway: A “no fear” attitude envelopes a market marred by mixed signals and deteriorating breadth. Large-cap indexes push to new highs while small and mid-caps trend lower. We...

From the desk of Willie Delwiche.

Key takeaway: Optimism most likely peaked earlier this year, as options activity and equity exposure have continued to trend lower in recent months. Yet, our sentiment indicators show...

From the desk of Willie Delwiche.

Key takeaway: A diminishing appetite for risk combined with deteriorating breadth creates a backdrop conducive to equity indexes catching down to the weakness that has been on display...

From the desk of Willie Delwiche.

Key takeaway: It’s bears on strike and bulls on parade. While it persists, it can fuel a rally. Whether it can persist is another question. We have already seen (particularly in less...

From the desk of Willie Delwiche.

Key takeaway: Record highs in equity indexes buoy investor sentiment that has remained optimistic without a significant challenge over the past year. Bulls ticked higher across our...

From the desk of Willie Delwiche.

Key takeaway: Even with some indicators backing away from extreme optimism, sentiment remains on the risk side of the scale. Optimism can be slow to unwind as hopeful investors...

From the desk of Willie Delwiche.

Key takeaway: Last week’s volatility unwound some near-term complacency, but there is still plenty of evidence of optimism in the system. Active managers increased their equity exposure...

From the desk of Willie Delwiche.

Key takeaway: From a breadth perspective, the market is challenged right now by a scarcity of new highs. From a sentiment perspective, it has to contend with a scarcity of bears....

From the desk of Willie Delwiche.

Key takeaway: Excessive optimism has been slow to unwind and most of our indicators are back to signalling a high risk environment from a sentiment perspective. Individual investors...

From the desk of Willie Delwiche.

Key takeaway: Sentiment continues to shift away from optimism and toward pessimism, though as with anything it is not a straight line. Speculative activity is flaring up again this week...

From the desk of Willie Delwiche.

Key takeaway: Sentiment continues to shift from optimism to pessimism. Unlike the March optimism unwind, the current situation is associated with a waning risk appetite on the...

From the desk of Willie Delwiche.

Key takeaway: Amid the economic optimism that is seen in surveys and magazine covers, the stock market is experiencing an unwinding in speculative excesses that has just begun...

From the desk of Willie Delwiche.

Key takeaway: A peak within the NASDAQ (or the Technology sector) shows that pockets of speculative excesses are being unwound. There has been enough strength in the market...

From the desk of Willie Delwiche.

Key takeaway: Evidence of excessive optimism abounds. Recent articles in the Wall Street Journal provide anecdotes for the data: Conservative German savers are increasing...

From the desk of Willie Delwiche.

Key takeaway: Optimism remains widespread from a cyclical perspective but history shows that it can (and in the past, has) remain elevated for extended periods of time....

From the desk of Willie Delwiche.

Key takeaway: The heat has been turned up on our sentiment indicators, and optimism is back to a full boil as we see indexes in the US and around the world move to new highs....

From the desk of Willie Delwiche.

Key takeaway: Despite the decreasing exposure of active equity managers, the weight of the evidence continues to lean toward a neutral sentiment...

From the desk of Willie Delwiche.

Key takeaway: Despite the decreasing exposure of active equity managers, the weight of the evidence continues to lean toward a neutral sentiment...

From the desk of Willie Delwiche.

Key takeaway: The evidence continues to suggest we have recently undergone a healthy unwind in excessive optimism. Investment manager’s equity...

From the desk of Willie Delwiche.

Key takeaway: After a healthy unwind over the past few weeks that allowed sentiment to reset to neutral, we are seeing optimism rebuild. This uptick...