Bears fell to 29.5% from 30.5% a week ago. The number of bears has fallen sharply since the start of October, when the percentage was the highest since March 2009. “That high level suggested many advisors had raised cash,” the newsletter service said. “Now watch for the bears to contract further near 20% if stocks can resume their moves up.”
The difference between the bulls and the bears was 17.9%, up from 13.7% the prior week.
SPDR S&P 500
Full disclosure: Tom Lydon’s clients own SPY.