Market Digest: MKL, GSK, NFG

Market sentiment remains tepid, at best, which is no surprise based on the yearlong neutral price action. There are hundreds of sentiment indicators, with more and more coming out each year. And there are big differences between these indicators -- making some more valuable than others. As we see it, market-type polls are the most numerous but certainly not the most valuable, as they reflect investor attitudes toward the overall market but not necessarily about actual positionings. Indicators that show what investors are doing with their money (positionings) are the most valuable, in our opinion.