Fewer people think stocks will be higher a year from now.
September data from the NY Fed: only 40.2% of consumers expect stock prices to rise.
This is the kind of sentiment shift that matters. Not because it predicts the future, but because it shows how quickly confidence can erode.
When everyone expects stocks to go up, they usually don't. When almost no one does, that's often the setup for a surprise.
The crowd is rarely positioned correctly at turning points.
September data from the NY Fed: only 40.2% of consumers expect stock prices to rise.
This is the kind of sentiment shift that matters. Not because it predicts the future, but because it shows how quickly confidence can erode.
When everyone expects stocks to go up, they usually don't. When almost no one does, that's often the setup for a surprise.
The crowd is rarely positioned correctly at turning points.