Great (bearish) expectations

Mid-week market update: The bears have exhibited great expectations for risk assets. Ed Clissold of Ned Davis Research observed that the NDR Crowd Sentiment has been at a sub-30 reading, which is historically bullish. However, he pointed out that momentum is negative and hedged with "sentiment is extremes differ cycle to cycle, so it's best to wait for sentiment to begin to reverse".

The full post can be found here.