The volatile swings in crude oil last week sent investor sentiment sharply lower with only 24.86% of investors reporting as bullish which was the lowest level of bullish sentiment since the COVID-19 outbreak began..  With things calming down in the days since and with equities continuing to grind higher, sentiment has improved as the percentage of investors reporting as bullish rose to 30.6%.  While an improvement, that is still less than where bullish sentiment has been over the past several weeks. Since the sell-off began on 2/19, bullish sentiment has averaged 33.44%, around 3 percentage points above current levels.

Last week, we noted a strong bearish bias in which the percentage of bearish investors doubled those reporting as bullish.  That has subsided this week as bearish sentiment pulled back from 50% to 44.03%. With less than half of investors now negative, bearish sentiment is within one percentage point of its average since the 2/19 peak, 44.83%.

Most of the gains and losses to bulls and bears took from each other as neutral sentiment went little changed.  25.37% of investors reported as neutral which was only 0.23 percentage points more than last week’s reading of 25.14% Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.

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