If You Want To Know How Crazy Things Really Are Right Now, Take A Look At This…

If You Want To Know How Crazy Things Really Are Right Now, Take A Look At This… from King World News

As we move through the middle of the first trading week in October, if you want to know how crazy things really are right now, take a look at this…

By Peter Boockvar, author of the Boock Report
October 4 (King World News) – 
Here is what Peter Boockvar wrote as the world awaits the next round of monetary madness:  
A day after the CNN Fear/Greed index closed the day at 92 (ranges from 0-100), Investors Intelligence said Bulls rose to 57.5 w/o/w to the most since early August and up from 54.3 last week. Its multi month low was 47.1 in September and was above 60 a few times this year. Most of the new Bulls came out of the Correction side as Bears were little changed at 17 from 17.1. The spread between Bulls and Bears is the biggest since early August. This also comes after the 20 yr high in one measure of an overbought condition called RSI in the Russell 2000 at 96 over the past 7 days (also between 0-100). Bottom line, what we’ve seen this year was the sentiment set up for a market rally was when Bulls were around 50 and stocks stalled out and consolidated when Bulls were around 60…

Ahead of the ADP jobs data which of course will be highly influenced by the hurricanes aftermath and the ISM services index, we know the auto data for September saw big upside. A combination of vehicle replacement of those that got wrecked in the storms (I saw an estimate that 600,000 will need to be replaced in Texas and Florida) and the highest incentive month on record with an average of $4,048 per vehicle enticement said JD Power. The head of sales at Ford said 25% of its growth in September was due to sales in the metro Houston area.

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King World News

Interviews with market experts from around the world with a focus on precious metals.