U.S. stock exchange traded funds were set for a slightly higher open on Wednesday in a light day for economic data. SPDR S&P 500 ETF (NYSEArca: SPY) rose 0.2% before the bell after Italian bond yields declined following a debt auction.
Advisor sentiment improved in the latest week along with equities, Investors Intelligence reported Wednesday.
The number of bulls in the survey climbed to 50.5% from 48.4% the prior week — the highest level since early May.
“Indexes were all higher then and that higher reading was a danger sign that new funds for further investors would be hard to find,” Investors Intelligence said. “Sentiment is now becoming a worry with the bulls above 50%, although most tops show them near 55%. Many advisors now mention index tests of their 2011 highs. That could see even more optimism, and of course increase our concern.”