Small speculators are known to be the worst market timers. The latest data from CFTC shows that small speculators are net bearish:
"The latest data from the CFTC showed little change in the bearish position taken on by small speculators. Based on the late December AAII sentiment data it appeared as though small investors were taking on a more complacent attitude heading into year-end, but the latest AAII data showed a more bearish reading that is in-line with the small speculators report from the CFTC. Small traders who have been wrong at just about every step of the equity markets over the last year, remain net short." in Seeking Alpha
According to this data, the markets should have a little more upside. But being so overbought, the probable course of this market over the next few weeks is down.
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