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Stocks are soaring again but here’s why you should look out below

·3 min read
Stocks are soaring again but here’s why you should look out below

“Happy days are here again” is what bullish investors would have you believe after Thursday’s huge U.S. stock market rally. Consider the average recommended equity exposure level among a subset of Nasdaq-focused stock market timers that my firm monitors on a daily basis. Since the Nasdaq (COMP) responds especially quickly to changes in investor mood, and because those timers are themselves quick to shift their recommended exposure levels, the HNNSI is my most sensitive barometer of investor sentiment in the U.S. equity market.