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Investor sentiment is often as fickle as fad diets, turning on a whim. We observed that happen when our preferred sentiment indicator, the CNN Fear & Greed Index, swung from extreme greed in early March into fear territory yesterday.
The last time I discussed this indicator in more detail was our December 2023 Mid-Month Update where I wrote the following:
The market has started anticipating as many as six rate cuts next year and investors might be getting a little too giddy in their optimism. Instead of focusing on a specific idea in this mid-month update, I wanted to delve a little deeper into a sentiment indicator we have used a lot the last couple of years and what it is telling us now.