Peter Brimelow: Bulls battered but unbroken

[HenryTo]

Original link: http://www.marketwatch.com/news/story.asp?guid=%7B6559B9D5%2DAB1F%2D4FFC%2D9BE6%2D76D46DCFE45D%7D&siteid=mktw&dist=

Says that the HSNSI (Hulbert Stock Newsletter Sentiment Index) was at negative 5.6% as of Friday. But also states that:

"But Mark Hulbert tells me that he's surprised that it isn't at a lower number.

"He notes that HSNSI isn't as low as it was a couple of weeks ago when the Dow Jones Industrial Average was (needless to say) higher than where it closed Friday.t looks as though the short-term timers aren't running for the exits as fast as you might expect.rom a contrarian point of view, Mark thinks this is not encouraging.

"However, Mark says, he still thinks that the sentiment picture is not consistent with a major top. Sentiment dropped back too quickly in the corrections earlier this year to be consistent with the stubborn bullishness often seen at major tops."