There has been a lot of talk about the market climbing a wall of worry, every sentiment indicator, for the most part, has spent a bulk of the time in bearish territory. This is normally considered a bullish contrarian indicator, however, it has mattered the most near the lows, never near the highs. Market participants have become a pessimistic bunch, over the last 18-months they have been predominantly bearish near highs and near lows. The Bulls, the Bears, and the ones that are neutral have all been right in the last 18-months.
Net net, we’ve been running in place with pockets of opportunities at extremes.