Comments on: NAAIM Trend Survey Of Manager Sentiment http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html Freshly squeezed market commentary & analysis Fri, 12 Mar 2010 02:26:26 +0000 http://wordpress.org/?v=2.0.2 by: Russ Abbott http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html#comment-36688 Mon, 26 Jan 2009 02:30:26 +0000 http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html#comment-36688 Well, my comment was from a fairly broad perspective. * They were broadly long during the early part of the graph -- before the highs in Aug and Oct 2007. * They shortened up quite a bit during Aug 07. * They went long again briefly when the market recovered going into Oct 07. * But they shortened significantly when the market first declined in late 07 - early 08. * They briefly came out of hiding in the Spring of 08. * But then they immediately went short again in the Summer of 08 and have stayed comparatively short ever since. Well, my comment was from a fairly broad perspective.

* They were broadly long during the early part of the graph — before the highs in Aug and Oct 2007.

* They shortened up quite a bit during Aug 07.

* They went long again briefly when the market recovered going into Oct 07.

* But they shortened significantly when the market first declined in late 07 - early 08.

* They briefly came out of hiding in the Spring of 08.

* But then they immediately went short again in the Summer of 08 and have stayed comparatively short ever since.

]]> by: Babak http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html#comment-36684 Sun, 25 Jan 2009 21:56:30 +0000 http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html#comment-36684 Russ, how were the managers "right" when on average they were going very long at tops? and reducing their long exposure at bottoms? Russ, how were the managers “right” when on average they were going very long at tops? and reducing their long exposure at bottoms?

]]> by: Russ Abbott http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html#comment-36675 Sun, 25 Jan 2009 03:14:18 +0000 http://www.tradersnarrative.com/naaim-trend-survey-of-manager-sentiment-2204.html#comment-36675 It seems to me from just an eyeball inspection that the managers have been more or less right. Although their emotional state has been quite volatile, their early deep fear levels correctly anticipated the market decline -- and then accompanied it. As I read the current value, they are slowly recovering from the extreme fear generated by last Fall's debacle. That's probably right. On the other hand, they are not very optimistic. So their stance of standing back and watching seems appropriate. They are not enthusiastic buyers. But they are not panicky sellers either. Mainly skeptical observers. I can't quarrel with that. It seems to me from just an eyeball inspection that the managers have been more or less right. Although their emotional state has been quite volatile, their early deep fear levels correctly anticipated the market decline — and then accompanied it.

As I read the current value, they are slowly recovering from the extreme fear generated by last Fall’s debacle. That’s probably right. On the other hand, they are not very optimistic. So their stance of standing back and watching seems appropriate. They are not enthusiastic buyers. But they are not panicky sellers either. Mainly skeptical observers. I can’t quarrel with that.

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