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Bulls' Ranks Fall to Lowest in 3 Years as Stocks Hover Near Highs

Bulls' Ranks Fall to Lowest in 3 Years as Stocks Hover Near Highs

The ascent of the S&P 500 Index (SPX) to one record high after another might look, on the surface, as a breakout of irrational exuberance among investors. Only 49% of the 148 professional money managers recently surveyed have a bullish view of the market over the next 12 months, down from 56% in a fall 2018 survey. This is the first time that the bulls have been in the minority since the fall of 2016, according to the spring 2019 release of Barron's Big Money Poll.