Sentiment has been screaming a BUY for several days. Now today we get a look at the University of Michigan Consumer Confidence and it is at its' lowest level since the end of the long economic malaise following the 1973-1974 bear market.
With investors purging stocks on Friday in droves, the TIME Magazine cover depicting bread lines, the VIX deviation from its' 50-day moving average at all time highs along with many other pieces of sentiment indicators confirming this over negativity, today's Reuters/University of Michigan Confidence Survey looks to be just another piece of corroborating piece of evidence that suggest this is a good time to buy stocks.
If the successful investment mantra is to BUY when no one wants them and SELL when everyone wants them then this would be a BUY now !!
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