so sentiment shouldn't really have peaked unless earnings already did too?
wonder if anyone else has seen this, and when he wrote that, if it was during the Fed scare correction that seems to have been succeeded by the Fed relief rally.
Arguably the downwards pressure on bond yields due to fed policy has inflated asset values enough to dislodge sentiment from valuations. Many people are rotating money into stocks since they can't think of any better place to get a return, and the bull market is enticing them to overweight.
so sentiment shouldn't really have peaked unless earnings already did too?
wonder if anyone else has seen this, and when he wrote that, if it was during the Fed scare correction that seems to have been succeeded by the Fed relief rally.
http://stockcharts.com/h-sc/ui?s=%24spx&id=p33407302522&def=...